General Donlee to redeem C$20 million of 7% convertible debentures

By Ashley Montgomery

Kansas City, Kan., May 14 - General Donlee Canada Inc. will redeem C$20 million of its 7% convertible subordinated debentures due June 30, 2014, according to a news release.

The convertibles will be redeemed June 13 at par plus accrued interest up to the redemption date.

According to the release, the outstanding balance on the convertibles is C$45,027,000.

The company said it will draw on its term credit facility to fund the redemption.

General Donlee is a Toronto-based precision machining manufacturer.

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