Centennial Coal announces plans to redeem 6.2% convertibles March 15

By Angela McDaniels

Tacoma, Wash., Dec. 21 - Centennial Coal Co. Ltd. said it plans to redeem its 6.2% subordinated convertible notes due 2012 on March 15.

The redemption amount will be par plus accrued interest.

The notes became callable when the company's shares traded above 125% of their conversion price for at least 20 out of the 30 trading days ending on Dec. 31.

The formal notice of redemption is expected to be issued on Jan. 14.

Based on that timetable, the notes will remain convertible up to March 9.

The issuer is a Sydney, Australia-based coal exploration company.

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