Hearst-Argyle calls 7.5% convertible trust preferreds

By Devika Patel

Knoxville, Tenn., May 29 - Hearst-Argyle Television, Inc. will redeem its $130 million of 7.5% series B convertible trust preferreds issued by Hearst-Argyle Capital Trust.

The New York owner/operator of network-affiliated television stations said it will redeem its $134.02 million in 7.5% convertible junior subordinated deferrable interest debentures, series B, due 2021, which will trigger a redemption of the trust preferreds.

The trust's 2.6 million preferreds were issued in a December 2001 private placement. They will be redeemed at the same price and on substantially the same terms as the debentures, which will be redeemed at $51.50 per $50.00 principal amount of debentures, plus interest.

The preferreds are convertible into common shares up to the redemption date, June 23, at $25.3516 per share.

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