Inco to redeem 5.5% convertible preferreds, 5¾% convertible debentures

New York, March 28 - Inco Ltd. called its $472 million 5.5% convertible redeemable preferred shares series E and $172.5 million principal amount of 5¾% convertible debentures due 2004.

Both series of securities will be redeemed on May 1.

The preferreds will be redeemed at the call price of $51.10 per share plus accrued dividends to the redemption date. Holders can convert the securities into stock through May 1 at the rate of 1.19474 shares for each preferred share, equivalent to an effective conversion price of $41.85.

The debentures will be redeemed at 101.15 plus accrued interest. Holders can convert the debentures up to the close of business on April 28 at a price of $30 or 33.33 shares per debenture.

Inco stock closed at $18.80 Friday.

United Rentals bought back $73.5 million convertibles in 2002

New York, March 28 - United Rentals, Inc. said it bought back $73.5 million liquidation preference of its 6½% convertible quarterly income preferred securities during 2002.

The company paid $38.1 million for the convertibles, a discount of 48%, according to a filing with the Securities and Exchange Commission.

Of the repurchases, $56.5 million was during the fourth quarter.

United Rentals originally issued $300 million of the convertibles in August 1998. As of Dec. 31, 2002 it had $226.55 million outstanding.

Shaw says convertibles tender oversubscribed

New York, March 28 - Shaw Group Inc. said Thursday that preliminary results show its tender offer for $384.6 million of its Liquid Yield Option Notes due 2021 was oversubscribed.

The Baton Rouge, La. company said it will accept LYONs that were validly tendered at or below $645 per $1,000 principal amount.

The offer expired at 4:15 p.m. ET on March 26.

Shaw announced the modified dutch auction tender on Feb. 26.

The offer covered 49% of the outstanding $790 million principal amount at maturity of the LYONs. Shaw said it would accept offers to sell at between $620 and $650 per $1,000 principal amount at maturity.

Credit Suisse First Boston LLC is dealer manager (800 646-4543 or call collect 212 538-4479), D.F. King & Co., Inc. is information agent (800 848-3416 or call collect 212 269-5550) and The Bank of New York is the depositary for the offer.

BankAtlantic calls 5.625% convertibles

New York, March 28 - BankAtlantic Bancorp, Inc. called its outstanding 5.625% convertible subordinated debentures due 2007.

The Fort Lauderdale, Fla. financial services holding company said the convertibles will be redeemed on April 28 at 102 plus accrued interest through the redemption date.

The securities can be converted into stock at $11.25 per share. BankAtlantic stock closed at $9.45 Friday.

Funding for the redemption will come from the sale of $65 million of new trust preferred securities due 2033, issued in separate transactions on March 26 and 27. The new trust preferreds pay interest at 6.40% to 6.65% until 2008 and then Libor plus 315 to 325 basis points. The new trust preferreds were part of a larger pool.

Getronics ends tender for convertibles

New York, March 28 - Getronics NV said it terminated its tender offer for its convertibles.

The Amsterdam technology services company said the decision was taken in light of the low level of response and views expressed at its March 27 shareholders meeting. The company also said the decision will remove uncertainty and distraction for clients and employees.

On March 25, Getronics said 30.40% of its 2004 bonds and 37.44% of its 2005 bonds had been tendered for exchange. The offer would have expired on March 30 following the most recent extension.

Getronics had originally said holders of more than 60% of the convertibles supported the tender offer.

If 66.67% or more of the accreted value of the convertible subordinated bonds due 2004 or 66.67% or more of the accreted value of the convertible subordinated bonds due 2005 were tendered, holders would receive 18,406.8770 new ordinary shares and €144.89 cash per €1,000 face amount of the 2004 bonds and 18,257.4525 ordinary shares and €143.73 cash per €1,000 face amount of the 2005 bonds.

If less than 66.67% by accreted value of either the convertible subordinated bonds due 2004 or the convertible subordinated bonds due 2005 were tendered, holders would receive 18,406.8770 new ordinary shares and €96.60 cash per €1,000 face amount of the 2004 bonds and 18,257.4525 ordinary shares and €95.82 cash per €1,000 face amount of the 2005 bonds.

Bonds not tendered would have been subject to mandatory conversion into stock and cash.

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