RESTON, Va.-Nextel Communications Inc. said it will redeem all of its outstanding 6-percent convertible senior notes due 2011, which amounted to approximately $608 million in principal amount as of March 31. The carrier added the notes are redeemable at Nextel’s option at a price equal to 104 percent of the principal amount plus an amount equal to the accrued but unpaid interest related to the principal amount to be redeemed June 7.
Noteholders have the right to convert the principal of their notes into shares of Nextel’s class A common stock obtained by dividing the principal amount of their notes by the $23.8375 conversion price.
Nextel’s stock was trading down nearly 1 percent early Friday at $24.61 per share.
