FEI calls 5.5% convertible notes

By Jennifer Chiou

New York, Jan. 3 - FEI Co. announced the Jan. 24 redemption of its $45.9 million of 5.5% convertible subordinated notes due Aug. 15, 2008.

FEI said it will pay $1,024.60 per $1,000 principal amount of notes, consisting of $1,000.00 principal amount plus accrued interest of about $24.60.

Prior to 5 p.m. ET on Jan. 23, holders may convert their notes into shares of the company's stock at a conversion price of $49.52 per share, which is equal to a conversion rate of 20.1939 shares per $1,000 principal amount. FEI shares closed at $24.24 per share on Jan. 2.

Any unconverted notes after 5 p.m. ET on Jan. 23 will be automatically redeemed on Jan. 24.

In June 2006, the company repurchased $4.2 million of the notes at prices ranging from 100.4 to 100.5, paying $0.1 million in interest.

The conversion and redemption agent is Bank of New York Trust Co., NA (contact Randolph Holder at 212 815-5098).

FEI is a Hillsboro, Ore.-based maker of high-end microscopes used in research laboratories and semiconductor manufacturing.

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