IVAX calls 5.5% convertibles

New York, March 26 - IVAX Corp. said it will redeem its 5.5% convertible senior subordinated notes due 2007 on May 16.

The Miami pharmaceutical and veterinary products company will pay 102.357% of par plus accrued interest to the redemption date.

Up to 5 p.m. ET on May 10, holders can convert their notes into stock at a price of $29.7619 per share. IVAX stock closed at $22.55 on Friday.

IVAX currently has $249 million of the notes outstanding.

At the end of February, the company priced a new issue of $400 million 20-year convertible senior notes to yield 1.5% with a 26% initial conversion premium. The conversion price on the new notes is $29.86.

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