Scholastic to redeem 5% convertibles due 2005

New York, Nov. 29 - Scholastic Corp. said it will redeem on Jan. 11, 2002 its $109.992 million outstanding 5% convertible subordinated notes due Aug. 15, 2005.

The New York children's publishing and media company will pay par plus accrued interest for the notes.

Holders can convert the notes at any time before the close of business on the redemption date into Scholastic stock at 26.0214 shares for each $1,000 note. If all are converted, the company would issue 2,862,140 shares.

Scholastic sold $110 million of the notes in August 1995.

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