Charming Shoppes calls 7.5% convertibles

New York, May 29 - Charming Shoppes, Inc. said it will redeem its 7.5% convertibles subordinated notes due 2007 on June 28.

The Bensalem, Pa. retailer will pay 102.5% of principal plus accrued interest.

Currently Charming Shoppes has $96.024 million of the notes outstanding.

Holders may convert the notes into stock at a price of $7.46 up to the close of business on June 27. The stock closed at $8.01 on Wednesday.

Charming Shoppes sold $130 million of 4.75% 10-year convertible senior notes earlier in the month. At the time it said it might use some proceeds to redeem the 7.5% convertibles.

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