Entercom to redeem convertibles

New York, March 4 - Entercom Communications Corp. said it will redeem its 6¼% convertible subordinated debentures on April 7, causing the redemption of its 6¼% convertible preferred securities due 2014 in the Term Income Deferrable Equity Securities structure.

The Bala Cynwyd, Pa. radio broadcaster will pay $51.563 per $50 principal amount.

Holders can convert the Tides up to the close of business on April 4 into 1.1364 shares per $50 principal amount. Entercom stock closed at $44.01 on Tuesday.

Entercom originally issued $125 million of the Tides in 1999 and all remain outstanding.

Sonic Automotive buys back $12.9 million convertibles

New York, March 4 - Sonic Automotive, Inc. said it bought back $12.9 million of its 5.25% convertible senior subordinated notes during the fourth quarter.

Along with repurchases of $16.6 million of its 11% senior subordinated notes, the Charlotte, N.C. auto retailer recorded a pre-tax gain of $1.7 million.

Whole Foods Market says no convertibles put back

New York, March 4 - Whole Foods Market, Inc. said in a filing with the Securities and Exchange Commission that none of its zero-coupon convertible subordinated debentures were put back to the company.

Holders had the option of requiring the Austin, Texas natural foods retailer to repurchase the securities on March 2. Whole Foods had said it would pay the put price of $476.74 per $1,000 principal amount in cash for a potential total of $147 million.

Atmel to pay upcoming put in cash

New York, March 4 - Atmel Corp. said it will pay the upcoming put on its zero-coupon convertible subordinated notes due April 21, 2018 in cash.

The San Jose, Calif. chipmaker has the option of paying the put in cash, stock or a combination.

"We are pleased to report to you that we are strengthening our balance sheet without unduly limiting our cash flow," stated Bob Avery, Atmel's acting chief financial officer, in a news release. "We have elected to redeem these notes for cash so as to not unnecessarily dilute our shareholders while we have a comfortable cash position."

Atmel said that if all notes are put back to the company it will have to pay $134.9 million.

Holders must exercise the put by April 21. The price is $443.15.

Atmel originally sold $340.4 million face amount of the securities in April 1998 at a price of 33.785 for a yield to maturity of 5.5%.

They are convertible at the rate of 13.983 shares per $1,000 principal amount at maturity. Atmel stock closed at $1.72 on Monday.

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