UniSource Energy to redeem $35 million of 4.5% convertibles due 2035

By Ashley Montgomery

Kansas City, Kan., Dec. 29 - UniSource Energy Corp. plans to redeem $35 million of its 4.5% convertible senior notes due 2035, the company announced in a news release.

The notes will be redeemed at par plus accrued interest to Jan. 12, the redemption date.

Noteholders who would prefer to convert their notes into shares of the company's common stock must do so before 5 p.m. ET on Jan. 11. The conversion rate is 28.814 shares for each $1,000 principal amount of the notes, representing a price of $34.71 per share.

UniSource Energy stock closed at $37.45 on Dec. 28.

The Bank of New York Mellon is the trustee.

UniSource is a Tucson, Ariz.-based electric utility.

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