Luminent delisted from NYSE, will accept 8.125% convertibles for conversion

By Angela McDaniels

Tacoma, Wash., June 16 - Luminent Mortgage Capital, Inc. said holders of its $90 million 8.125% convertible senior notes due 2027 can surrender their notes for conversion because the company's stock has been delisted from the New York Stock Exchange for 30 consecutive trading days.

The company was delisted on May 3 due to its inability to meet the continued listing standards related to market capitalization and stock price requirements, according to a company news release. The continued delisting is a triggering event under the note indenture.

The convertibles were issued in June 2007 with a contingent conversion trigger at 120% of the conversion price. The conversion price is $11.18, and Luminent stock (OTCBB: LUMC) closed at $0.20 on Friday.

Luminent is a San Francisco-based real estate investment trust that invests in mortgage-backed securities and loans.

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