SAB Finance calls all $600 million 4.25% convertibles

By Caroline Salls

Pittsburgh, Dec. 9 - SABMiller plc said its subsidiary SAB Finance (Cayman Islands) Ltd. will redeem all $600 million of its 4.25% guaranteed convertible bonds due Aug. 10, 2006 on Jan. 10 at par plus interest accrued up to and including the redemption date.

Holders can convert their bonds into SABMiller ordinary shares up to the close of business on Dec. 29 at a price of £6.15 per share, or 115.3203 shares for each $1,000 principal amount of bonds.

The London and Johannesburg-based company had to meet certain conditions before it could redeem the bonds. One of the conditions required that the closing middle market quotation for an SABMiller ordinary share be at least 130% of the conversion price of £6.15 per share for 30 consecutive calendar days at any time after Aug. 24. This condition was satisfied on Dec. 8, when the closing middle market quotation was £8.335 per share. All the conditions having now been satisfied.

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