Resource America to redeem 12% notes

New York, Nov. 20 - Resource America Inc. (Caa1) said that its board of directors has authorized the redemption of all of the company's remaining outstanding $53 million of 12% senior notes due August, 2004.

Resource America, a Philadelphia-based proprietary asset management company active in the energy, real estate and equipment leasing industries, said that the balance of the notes will be redeemed at 103% of principal plus accrued interest. The company expects to redeem the notes on Jan. 20, 2004.

The Bank of New York is the paying agent.

Resource America issued $115 million of the notes in July 1997 and since then has repurchased $62 million of them.

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