American Retirement calls $4.5 million 10% convertibles

New York, Feb. 12 - American Retirement Corp. said it will redeem $4.5 million principal amount of its 10% series B convertible senior subordinated notes due 2008.

The Nashville senior living and health care services provider will redeem the convertibles on March 12 at 105.0% of par plus accrued interest to the redemption date.

Up to the close of business on March 12 holders can convert the notes into stock at a price of $2.25 per share. American Retirement's stock closed at $5.19 on Wednesday.

As of Feb. 11, American Retirement had $9.2 million principal amount of the notes outstanding.

The company noted that in recent months holders have converted $6.7 million of the original $15.9 million of the securities into stock.

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