WebMD says 71.7% of 3¼% notes converted ahead of redemption

By Jennifer Chiou

New York, June 2 - WebMD said holders of 71.7% of its outstanding 3¼% convertible subordinated notes due 2007 exchanged their securities for stock ahead of the June 2 redemption.

As a result, WebMD issued 23.2 million shares of its common stock for the $215 million of converted notes.

WebMD announced the redemption May 2, saying it would pay 101.3% of par plus accrued interest on the $299.999 million of outstanding notes.

As of Thursday, WebMD had 343 million shares of common stock outstanding, including the shares issued upon the note conversion.

Elmwood Park, N.J.-based WebMD provides services that assist physicians, consumers and providers in the health care system.

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