Aames Financial Corp., Los Angeles, has reported the completion of its debt exchange offer.Under the offer, holders of 5.5% convertible subordinated debentures due 2006 were to tender them for new 4.0% convertible subordinated debentures due 2012. After several extensions, the exchange period closed Dec. 13 with 43.5% of the outstanding units tendered, representing a principal amount of $49.5 million. Aames said that on Dec. 23 it will redeem, through a scheduled mandatory sinking fund payment, 40% of the new debentures then outstanding on a pro rata basis at a redemption price equal to 100% of their principal amount plus interest.
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