SBS Broadcasting to redeem 7% convertibles

New York, Nov. 13 - SBS Broadcasting SA said it will redeem all $53.65 million of its outstanding 7% convertible subordinated notes due 2004 on Dec. 19.

The Luxembourg commercial television and radio broadcasting company will pay par plus accrued interest for the notes.

Ahead of the redemption, holders can convert the notes into stock at a price of $29.13 per share. SBS stock closed at $31.35 on Thursday.

SBS said it will fund any redemption of the notes with part of the proceeds from the sale of its indirect 30.4% equity interest in TVN Sp. zoo to ITI Holdings SA for €131.6 million. If the sale is not completed by the redemption date, SBS will use cash, bank financing or a combination.

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