Friends Provident to redeem 5.25% convertibles with shares at maturity instead of cash

By Devika Patel

Knoxville, Tenn., Nov. 7 - Friends Provident plc announced it plans to redeem all of its £289.75 million outstanding 5.25% convertible bonds on Dec. 11, the maturity date, by issuing shares and a cash amount, if required, plus interest.

The company will be required to issue up to 169,443,859 shares for this redemption.

Dorking, England-based Friends Provident is the holding company of the Friends Provident Group of companies.

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