Owens & Minor to redeem Tecons

New York, Aug. 5 - Owens & Minor, Inc. said it will redeem in full the $2.6875 Term Convertible Securities (Tecons) series A issued by Owens & Minor Trust I.

The Richmond, Va. distributor of medical supplies will redeem the convertibles on Sept. 4 at 102.0156% of par or $51.01 per $50 security.

Holders may convert the securities into Owens & Minor's stock up to the close of business on Sept. 3 at the rate of 2.4242 shares per Tecon, equivalent to a conversion price of $20.625. Owens & Minor stock closed at $24.60 Monday.

The company currently has $104.3653 million of the convertibles outstanding.

Funding for the redemption of any Tecons not converted to stock will come from available cash and credit facility borrowings.

Omnicom says $7.7 million convertibles put back

New York, Aug. 5 - Omnicom Group Inc. said holders of $7.7 million of its $900 million zero-coupon convertible notes due 2032 exercised the put option.

Holders who did not exercised the option will benefit from a sweetener, made up of a payment of $7.50 per $1,000 of outstanding notes on Aug. 6 and a two-year extension of the call protection to July 31, 2009.

The convertibles were putable on July 31.

The New York marketing and corporate communications company issued $900 million of the convertibles in March 2002 at par to yield 0% with a 17.6% initial conversion premium.

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