Briggs & Stratton to redeem 5% convertibles

New York, March 16 - Briggs & Stratton Corp. said it will redeem all its 5% convertible senior notes due May 15, 2006.

The company has $140 million of the securities outstanding.

The redemption will take place on May 15 at 102% of par plus accrued interest.

Up to the close of business on May 14, holders can convert the securities into common stock at a price of $49.54 per share. Briggs & Stratton stock closed at $65.22 on Tuesday.

The Milwaukee maker of engines and generators said the redemption will eliminate $7 million of annual interest expense.

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