Oglebay Norton says holders converted all remaining 14.8275% preferreds

By Laura Lutz

Des Moines, Oct. 24 - Oglebay Norton Co. announced that holders chose to convert all of its outstanding 14.8275% series A convertible preferred stock ahead of a redemption planned for 5 p.m. ET on Oct. 23.

Each preferred share was converted into 1.278 shares of common stock. Preferred shares that were not converted by the deadline would have been redeemed on Oct. 30 for $14.02 per share.

Over the past several months, Oglebay Norton has called 8,301,284 shares of the preferred stock, 99.7% of which have been converted to common stock.

The company said that as of Oct. 30 it will have 14,390,790 shares of common stock outstanding. No preferred shares will remain outstanding.

Oglebay Norton is a Cleveland-based sand and mica mining company.

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