Corning calls $100 million 3.5% convertibles

By Caroline Salls

Pittsburgh, March 4 - Corning Inc. said it will redeem $100 million of its outstanding 3.5% convertible debentures due Nov. 1, 2008 on March 22 at a price of 102% of the principal amount plus interest accrued up to the redemption date.

Holders can convert their debentures into Corning common stock before the close of business on the business day before the redemption at a price of 103.3592 shares of stock for each $1,000 principal amount of debentures.

Corning stock was selling at $11.63 Friday morning.

A total of $297.246 million debentures are outstanding.

Corning is a Corning, N.Y., diversified technology company.

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