Oglebay Norton calls another 2.5 million 14.8275% convertible shares

By Laura Lutz

Des Moines, Aug. 28 - Oglebay Norton Co. called an additional 2,495,787 shares of its 14.8275% series A convertible preferred stock.

Holders can convert each preferred share into 1.2748 shares of common stock or redeem it for $14.02 in cash.

Shares not converted by 5 p.m. ET on Sept. 25 will be redeemed on Oct. 2.

The Cleveland-based sand and mica mining company has called 3,327,268 shares of its preferred stock over the last few months. Most of the called shares have been converted ahead of redemption.

On May 23, the company announced the redemption of 369,822 preferred shares, and 369,643 of those shares were converted into 454,335 common shares as of June 23.

On June 29, another 369,599 shares of preferred stock were called, and on July 28 369,288 of those shares were converted into 453,900 shares of common stock.

On July 24, Oglebay called 369,197 more shares. The redemption deadline for that round was Aug. 16.

The company called another 2,218,650 of its shares on Aug. 1. The redemption deadline for those shares is Aug. 31, and the conversion deadline was Aug. 24.

The company has not yet said how many shares were converted during the last two rounds of redemptions.

There are currently 5,025,667 of the shares outstanding.

Oglebay stock closed at $20.00 on July 31 (Pink Sheets: OGBY).

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