Stillwater greenshoe exercised, convertibles reach $396.75 million

By Ashley Montgomery

Kansas City, Kan., Oct. 17 - Stillwater Mining Co. said the underwriters on its 1.75% convertible senior notes due 2032 exercised their $51.75 million over-allotment option in full.

As previously reported, the company priced an upsized $345 million of the convertible on Oct. 12. The greenshoe brings the total convertibles to $396.75 million.

The notes are convertible into cash, shares or a combination at the company's option.

Proceeds will be used to repay amounts that may come due under the company's outstanding 1.875% convertible debentures in March 2013. Additional proceeds will be used for general corporate purposes.

Stillwater is a Billings, Mont.-based producer of palladium and platinum.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.