British Land to redeem 6.5% convertibles

New York, May 16 - The British Land Co. plc said it is calling its 6.5% convertible bonds due 2007.

The bonds will be redeemed on June 24 at par plus accrued interest.

British Land currently has £323 million of the bonds outstanding. They are convertible at 672p per share.

The company said refinancing the bonds by drawing on credit facilities will save £5.3 million a year in interest costs and reduce the cost of debt to 6.50% from 6.62%.

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