Teva calls 1.5% convertibles

New York, Sept. 25 - Teva Pharmaceutical Industries Ltd. said it will redeem its 1.5% convertible senior debentures due 2005 on Oct. 15.

The Jerusalem, Israel pharmaceutical company will pay $1,003.75 per $1,000 principal amount of the securities plus $7.50 per $1,000 of accrued interest up to but excluding the redemption date.

Up to 5.00 p.m. ET on Oct. 10, holders can convert their securities into Teva's ADRs at the rate of 23.1934 shares per $1,000 principal amount, equivalent to a price of $43.1157 per share. Teva stock closed at $58.17 Wednesday.

"We expect that the debentures holders will prefer the conversion over the redemption," said Dan Suesskind, Teva's chief financial officer, in a news release.

"This will strengthen our financial position with a reduction of a significant portion of our debt and the corresponding increase in shareholders equity, and saving of interest expenses."

Teva currently has $550 million of the convertibles outstanding.

Malan Realty calls $10 million 9.5% convertibles

New York, Sept. 25 - Malan Realty Investors, Inc. called for redemption on Oct. 27 $10 million of its 9.5% convertible subordinated debentures due July 15, 2005.

The Bingham Farms, Mich. retail real estate investment trust will redeem the securities at par plus $26.92 of accrued interest.

Up to 5.00 p.m. ET on Oct. 27, holders can convert the debentures into stock at a price of $17.00 per share or 58.82 shares per $1,000 principal amount. Malan stock closed at $4.60 on Thursday.

Currently Malan has $42.7 million of the convertibles outstanding.

The securities to be redeemed will be selected by lot.

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