Thermo Electron to redeem 4 3/8% convertibles, adds $100 million to repurchase program

New York, Feb. 28 - Thermo Electron Corp. said it will redeem all $71 million outstanding 4 3/8% convertible subordinated debentures due 2004 originally issued by ThermoLase Corp.

Thermo Electron assumed the debentures through its merger with ThermoLase in August 2000.

Holders will receive par plus accrued interest up to the redemption date of April 7. They may also convert the securities to stock at a price of $111.83 per share. Thermo Electron stock closed at $17.39 Thursday.

Thermo Electron also said its board of directors authorized the repurchase of a further $100 million of its debt and equity securities.

The Waltham, Mass. instruments company said $25 million remains from its previous repurchase authorization.

Buy backs may be in the open market or through negotiated transactions and the latest authorization runs through Feb. 26, 2004, Thermo Electron said.

The previous authorization dates from September 2002 and was $100 million in size. It followed further $100 million tranches announced on May 16, 2002, March 6, 2002 and November and December 2001.

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