Kadant to redeem 4½% convertibles

New York, Nov. 20 - Kadant Inc. said it will redeem its outstanding 4½% convertible subordinated debentures due July 15, 2004.

Kadant, formerly Thermo Fibertek Inc., said it will pay par plus accrued interest for the securities. The redemption will be on Dec. 27.

The Acton, Mass. supplier of papermaking and paper recycling products said holders can convert their stock up until the close of business on Dec. 12 at a price of $60.50 per share. Kadant stock closed at $13.73 Wednesday.

As of Sept. 28, Kadant had $86.176 principal amount of the convertibles outstanding, according to the company's most recent 10-Q filing with the Securities and Exchange Commission.

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