Labor Ready says all convertibles exchanged for stock ahead of redemption

New York, June 20 - Labor Ready, Inc. said holders converted to stock all its $70 million of outstanding 6.25% convertible subordinated notes due 2007 ahead of the June 20 redemption.

As a result, the company issued 9.6 million shares.

Up to 5 p.m. ET on June 16, holders could exchange the notes at a price of $7.26 or 137.7 shares per $1,000 principal amount. Labor Ready's stock closed at $21.76 on Monday.

Notes not converted would have been redeemed at par plus accrued interest.

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