SBS Broadcasting says most convertibles converted ahead of call

New York, Dec. 22 - SBS Broadcasting SA said holders of nearly all its 7% convertible subordinated notes due December 2004 exchanged the securities for stock ahead of the redemption.

The Luxembourg television and radio broadcasting company said $53.22 million of the securities were converted into stock at $29.13 per share.

The remaining $428,000 were redeemed for cash.

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