British Land to redeem 6% convertibles

New York, June 10 - British Land Co. plc said it will exercise the provisional call for its £150 million 6% subordinated irredeemable convertible bonds.

The company will issue the notice of redemption on June 22 - at which time it will specify the redemption date.

The convertibles are callable if British Land's ordinary shares trade above 130% of the conversion price for 30 days, a requirement that was met on June 8.

The redemption will be at par.

Up to seven days before the redemption, holders will be able to convert the bonds into ordinary shares. If all the securities are converted, the London-based real estate company will issue 30 million shares.

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