Checkpoint calls $60 million 5¼% convertibles

New York, Jan. 29 - Checkpoint Systems Inc. said it will redeem $60 million principal amount of its 5¼% convertible subordinated debentures due 2005 on April 13.

Up to 5 p.m. ET on April 8, holders can convert the notes into stock at a price of $18.375. Checkpoint stock closed at $20.08 on Thursday.

The redemption will be funded with cash flow from operations and borrowings under the company's revolving credit facility.

On completion of the redemption, Checkpoint will have $23.6 million principal amount of the convertibles outstanding.

The Thorofare, N.J., maker of labeling systems originally issued $120 million of the notes in 1995. It called $35 million in September 2003 although only $4.7 million were actually redeemed since holders converted the remaining $30.3 million.

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