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WellPoint to redeem 0% convertibles due 2019
New York, Oct. 2 - WellPoint Health Networks Inc. said it will redeem all its zero-coupon convertible subordinated debentures due 2019 on Oct. 28.
The Thousand Oaks, Calif. health insurer will pay $717.57 per $1,000 principal amount at maturity for the convertibles.
Holders may convert the debentures into WellPoint common stock up to the close of business on Oct. 25 at 13.594 shares per $1,000 principal amount at maturity.
WellPoint stock closed at $76.59 on Wednesday, valuing the stock to be obtained on conversion at $1,041.16 per debenture.
WellPoint issued $299 million principal amount of the convertibles in July 1999 for proceeds of $200.8 million. As of June 30 there was $151.7 million accreted amount of the debentures outstanding, according to the company's most recent 10-Q filing with the Securities and Exchange Commission.
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