Pride says nearly all convertibles exchanged for stock ahead of call

New York, April 25 - Pride International, Inc. said that "substantially all" its 2.5% convertible senior notes due 2007 were exchanged for stock ahead of its redemption of the securities.

The notes were converted to 18.1 million shares, with the remaining $31,000 redeemed for cash.

The Houston-based drilling contractor said on March 25 that it would redeem the $298.6 million of convertibles.

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