URS calls $70 million 11½% notes, $160 million 12¼% notes

New York, May 6 - URS Corp. said its will redeem $70 million of its 11½% senior notes due 2009 and $160 million of its 12¼% senior subordinated notes due 2009.

The redemptions will be funded with proceeds from its recent offering of 8.1 million shares of common stock at a price of $26.50 per share and borrowings on its senior secured credit agreement.

The San Francisco engineering and technical services company said the redemptions will reduce its net debt by $180 million and cut its debt to total capitalization below 40% during the third quarter, which ends July 31.

URS did not publicly announce the date on which the redemption will be made.

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