Terremark calls $27.8 million convertibles

New York, May 17 - Terremark Worldwide Inc. said it will redeem its $25 million 10% convertible notes and its $2.8 million 13.125% convertible debentures on May 31.

The Miami network operator said it expects most holders will convert the securities to stock ahead of the redemption.

"The anticipated conversion of the convertible notes into equity is consistent with Terremark's goal to continue strengthening its balance sheet and, assuming full conversion, would reduce annual cash interest payments by approximately $2.9 million," said Manuel Medina, Terremark's chairman and chief executive officer, in a news release.

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