Tower Automotive calls 5% convertibles

Pittsburgh, May 25 - Tower Automotive Inc. announced that it has issued a redemption notice for its $200 million 5% convertible subordinated notes due Aug. 1.

The 5% convertibles will be redeemed on June 25 at 100.714% of par plus accrued interest through the redemption date.

Funding for the redemption will come from Tower's recent sale of $125 million 5.75% convertible senior notes and borrowings under a new credit facility.

Tower is a Novi, Mich.-based global designer and producer of vehicle structural components and assemblies.

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