Robbins & Myer to redeem 6.5% convertibles

New York, March 14 - Robbins & Myers, Inc. said it will redeem its remaining $19.691 million 6.5% convertible subordinated notes due Sept. 1, 2003.

The notes will be redeemed at par plus accrued interest at 5.00 p.m. ET on April 16.

Borrowings from the company's bank facility will be used to fund the redemption. Robbins & Myers noted that the interest rate on the credit line is currently less than the 6.5% on the notes.

The convertibles remain outstanding after Robbins & Myers carried out an exchange for $40 million of the convertibles, completed in February.

The Dayton, Ohio supplier of highly engineered equipment issued new 8% convertible subordinated notes due 2008 with a lower conversion price on a one-for-one basis in exchange for the old convertibles.

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