Magna to redeem 4.875% convertibles

New York, May 2 - Magna International Inc. said it is calling all its US$480 million outstanding 4.875% convertible debentures due 2005.

The redemption will be on June 6, the Aurora, Ont. auto parts company said.

The securities are convertible into Magna's class A subordinate voting shares at a conversion price of US$74.27 and holders may convert until the close of business on June 5.

Any debentures outstanding on June will be redeemed at US$1,015.0313 per US$1,000.00 principal amount to be paid as 13.6477 shares. The price includes accrued interest.

Magna stock closed at $77.38 on Thursday.

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