UPM-Kymmene says all but €3.63 million convertibles converted ahead of call

New York, Feb. 24 - UPM-Kymmene Corp. said that holders of all but €3.63 million of its convertible bonds have exercised the conversion option ahead of the upcoming call.

The remaining convertibles will be redeemed at par plus accrued interest on Feb. 28.

UPM-Kymmene said that €36.08 million of the securities were converted into 1.67 million shares of common stock between Jan. 2 and Feb. 18. Those transactions are in addition to the €121.75 million converted into 5.65 million shares up to the end of 2002.

The company originally issued €161.5 million of the convertibles in 1994. Each €1,681.88 (FIM10,000) par value bond was convertible into 78 shares for a conversion price of €21.56.

It gave notice of the call on Dec. 17.

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