Allergan plans to redeem remaining convertibles due 2020 in November

New York, May 7 - Allergan, Inc. said it plans to redeem its remaining zero-coupon convertible subordinated notes due 2020 in November.

The company has $45.6 million book value of the notes outstanding after a redemption of a "substantial portion" on Dec. 20, 2002 in a tender offer, according to a filing with the Securities and Exchange Commission.

In the offer, $588 million principal amount at maturity of the convertibles were tendered.

Photronics to redeem 6% convertibles

New York, May 7 - Photronics, Inc. said it will redeem the remaining $62 million of its 6% convertible subordinated notes due 2004.

The Brookfield, Conn. photomask manufacturer will redeem the convertibles on June 1 at 100.8571% of the principal amount plus accrued interest.

Holders may convert the notes up to the close of business on the redemption date at a rate of 35.742 shares per $1,000 principal amount, equivalent to a price of $27.97. Photronics stock closed at $13.70 Tuesday.

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