LaBranche buys back $80.9 million 9½%, 11% notes in Q1, calls remainder of 9½% notes

By Angela McDaniels

Tacoma, Wash., May 12 - LaBranche & Co. Inc. said it purchased and cancelled $30.8 million of its 9½% senior notes due 2009 and $50.1 million of its 11% senior notes due 2012 in open-market transactions during the first quarter.

As of March 31, $169.1 million of the 9½% notes and $209.9 million of the 11% notes remained outstanding, according to the company's 10-Q report for the first quarter. The report was filed with the Securities and Exchange Commission on Monday.

The board of directors has approved the redemption of all the remaining 9½% notes at 102.375% of par plus accrued interest. LaBranche said the redemption will be completed on or about May 23.

New York-based LaBranche, through its subsidiaries, operates as a registered broker-dealer and specializes in exchange-listed securities.

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