Travelers calls 4.5% convertibles

By Jennifer Chiou

New York, March 13 - The Travelers Cos., Inc. announced it has called for redemption all of its 4.5% convertible junior subordinated notes due 2032.

Each $25.00 note will be redeemed on April 18 at $25.5625, plus $0.009375 of accrued interest.

The normal quarterly interest payment to be paid on April 16 will be paid to holders of record on April 1 in the amount of $0.28125 per note, the company added.

Travelers said that holders may convert their securities before the close of business on April 17. Each note is convertible into 0.4684 Travelers shares. Travelers stock closed at $49.59 Tuesday.

Notes may be surrendered to The Depository Trust Co.

The St. Paul, Minn., provider of property casualty insurance said that the notes were originally issued by Travelers Property Casualty Corp. and it assumed certain obligations of the notes linked to a second supplemental indenture dated April 1, 2004.

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