LaBranche board OKs call of remaining 11% senior notes due May 2012

By Jennifer Chiou

New York, Jan. 13 - LaBranche & Co. Inc. announced that its board of directors approved the redemption of its remaining $189.3 million of 11% senior notes due May 2012.

The notes will be redeemed at 102.75% plus accrued interest to Feb. 15, the redemption date.

Upon completion of the redemption, LaBranche said it will have no outstanding public debt, resulting in a reduction of its interest expense by roughly $21 million per year.

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

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