Liberty International holders agree to convert £5 million 3.95% convertibles

By Angela McDaniels

Tacoma, Wash., Dec. 22 - Liberty International plc said holders of £5 million of its 3.95% convertible bonds due 2010 have agreed to submit conversion notices for their bonds.

The company offered a £600,000 cash payment to the holders to induce conversion.

Each £1,000 principal amount of bonds will convert into 125 ordinary shares for a conversion price of 800p. Liberty shares closed at 469.25p (London: LII) on Monday.

The convertibles represent 6% of the £88 million convertibles that were outstanding on Monday, according to a company news release.

As previously reported, holders of £21 million of the convertibles agreed on Dec. 19 to convert their bonds. They were offered a £2.5 million sweetener.

Liberty International is a London-based real estate company.

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