Sizeler says most 9% debentures converted ahead of redemption

New York, May 4 - Sizeler Property Investors Inc. said holders converted $53.5 million of its $56.1 million of 9% convertible subordinated debentures due July 15, 2009 to stock ahead of the May 2 redemption.

The remaining $2.6 million were redeemed for cash at par plus accrued interest.

Holders had previously converted $0.5 million of the securities to stock.

The conversion price was $11.00. Sizeler stock closed at $10.90 on Tuesday.

Sizeler is a New Orleans real estate investment trust that invests in retail and apartment properties in the southeastern United States.

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