iBasis to redeem all $32.6 million 6¾% convertibles

By Jennifer Chiou

New York, Aug. 16 - iBasis, Inc. announced the redemption of all $32,599,000 of its 6¾% convertible subordinated notes due June 2009 on Sept. 6.

The Burlington, Mass., company will pay par plus accrued interest up to but not including the redemption date.

Before the close of business on Sept. 2, noteholders may convert the notes into iBasis stock at a conversion price of $1.85 per share. iBasis stock closed at $2.80 Monday.

The Bank of New York is trustee.

As previously reported, the company converted $1.2 million of the notes at $1.85 per share in separate voluntary conversions on June 23.

iBasis is a wholesale carrier of international long distance telephone calls and a provider of retail prepaid calling services.

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