World Air calls $17.758 million 8% convertibles

By Caroline Salls

Pittsburgh, Feb. 22 - World Air Holdings Inc. said it will redeem all $17.758 million outstanding of its 8% convertible senior subordinated debentures due 2009 at par on March 24.

Holders can convert their debentures until the close of business on March 22 at a price of $3.20 per share.

World Air Holdings stock was trading at $6.76 Tuesday afternoon.

If all the debentures are converted, there will be 5,549,375 shares of World Air Holdings stock outstanding.

Under the terms of the debentures due 2009, they are redeemable because the company's common stock has traded in excess of 200% of the $3.20 conversion price for a specified number of trading days.

World Air Holdings is a Peachtree City, Ga., parent of World Airways Inc. and World Risk Solutions Ltd.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.