Agilysys calls 6.75% convertibles

New York, May 16 - Agilysys, Inc. said it will redeem its $125.3 million of 6.75% convertible trust preferred securities on June 15.

Holders can convert the preferreds to stock at a price of $15.75. Agilysys stock closed at $14.19 Friday.

Securities not converted will be redeemed for $51.72 in cash, including accrued interest.

Agilysys, a Cleveland distributor of computer hardware and software, will fund the redemption from existing cash balances.

The redemption is part of a strategy to increase financial flexibility and shareholder value and will eliminate $5.2 million of annual distributions after tax, the company said.

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