Shaw to redeem remaining $15.173 million of outstanding 10¾% notes

By Angela McDaniels

Seattle, May 3 - The Shaw Group Inc. said it will redeem all remaining outstanding 10¾% senior notes due 2010 on May 31.

The company will pay $1,076.42 per $1,000 principal amount of notes, which equals 105.375% of par plus $22.67 of interest per note, and will fund the redemption with cash on hand.

As of April 30, $15.173 million of the $253 million issued notes remained outstanding, according to a company news release.

The Baton Rouge, La., provider of consulting, engineering and management services expects to record a pre-tax charge of about $1.1 million, or $0.7 million after taxes, in the third quarter of fiscal 2007 due to the early retirement of the remaining notes.

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