First Security Corp. is redeeming all $39.6 million of its 9.5% convertible subordinated debentures due in 2006.

Holders of the securities have four options: They can convert their debentures into common stock at a discount to the market price, tender them for purchase at a price of $1,064.37 per $1,000, redeem them at a price of $1,031.70 per $1,000 plus a payment for accrued interest of $31.67 per $1,000, or sell them in the open market.

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