Whole Foods calls 8% convertible preferreds for redemption on Nov. 27

By Susanna Moon

Chicago, Oct. 23 - Whole Foods Market, Inc. plans to redeem all 425,000 outstanding shares of its series A 8% redeemable convertible exchangeable preferred stock, according to an 8-K filing with the Securities and Exchange Commission.

The company will redeem the preferreds at par plus accrued dividends.

The preferreds are convertible until the redemption date into 29.662 million common.

Whole Foods said that it expects conversion of the preferreds based on the conversion rate and the current trading prices of the company's common stock.

At issue on Nov. 5, 2008, the notes had an initial conversion price of $14.50, and the company's stock (Nasdaq: WFMI) closed at $33.50 on Friday.

Austin, Texas-based Whole Foods owns and operates a chain of natural and organic foods supermarkets.

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