Albany International calls $28.44 million 2.25% convertibles due 2026

By Toni Weeks

San Diego, Jan. 25 - Albany International Corp. announced it plans to redeem its outstanding $28.44 million of 2.25% convertible senior notes due 2026, according to a press release.

The notes will be redeemed on March 15 at par plus $11.25 in accrued interest per $1,000 principal amount of notes.

Holders may opt to convert their notes by 5 p.m. ET on March 13. The current conversion rate is 23.2078 shares of the company's class A common stock per $1,000 principal amount of notes.

Bank of New York Mellon is the paying agent and conversion agent.

Rochester, N.H.-based Albany International is an advanced textiles and materials processing company. Its two core businesses are custom-designed fabrics and belts used in production of paper and nonwovens and engineered composite parts for the aerospace industry.

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