Jabil calls 1.75% convertibles

New York, April 16 - Jabil Circuit Inc. said it will redeem its 1.75% convertible subordinated notes due 2021 on May 18.

The St. Petersburg, Fla., electronics manufacturing services company will pay par plus accrued interest for the securities.

The original $345 million of the convertibles issued in 2001 is still outstanding.

Up to the close of business on May 17, holders can convert the notes into common stock at a price of $41.038 per share. Jabil stock closed at $28.51 on Friday.

Jabil said the redemption will save $6.0 million a year in interest payments.

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