Marconi to redeem $27.3 million senior notes

New York, April 6 - Marconi Corp. plc said it will redeem $27.3 million of its 8% senior secured notes 2008 on April 22.

The London-based telecommunications equipment company will pay 110% of par plus seven days of accrued interest to the redemption date.

As with previous partial redemptions, a pool factor will be applied to every holding.

Marconi said the partial redemption results from releases of cash collateral following the expiry of performance bonds and letters of credit, proceeds from disposals of miscellaneous assets and the previously announced receipt of $10.0 million for the mandatory redemption escrow account as a result of the earlier second and third mandatory redemptions of the notes.

The redemption, the latest in a series, will reduce the principal amount of the notes to $444.7 million.

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