International Power exercises call option on 4.75% convertibles

By Tali David

Minneapolis, Aug. 22 - International Power Finance (Jersey) III Ltd. is exercising its call option on its €700 million 4.75% guaranteed convertible bonds due 2015, according to a filing with the London Stock Exchange.

The company will redeem the remaining €105.45 million of bonds at par plus accrued interest on Sept. 27.

Bondholders who exercise their conversion rights up through Aug. 28 will have an exchange price of 369 pence per share. Thereafter, the exchange price will be 415 pence per share.

International Power is a London-based independent power generation company.

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