St. Mary Land greenshoe exercised, convertibles now $100 million

New York, March 19 - St. Mary Land & Exploration Co. said it sold a total of $100 million of its 5¾% senior convertible notes due 2022, an increase of $25 million from the initial sale amount, according to a filing with the Securities and Exchange Commission.

The Denver, Colo. company originally sold $75 million of the securities after the market closed on March 7 with a $25 million greenshoe, now exercised.

Bear Stearns & Co. was underwriter for the Rule 144A deal, which priced at a yield of 5.75% and an initial conversion premium of 30%.

Part of the proceeds from the sale were used to repay outstanding borrowings on St. Mary's credit facility and the remainder will be used to fund part of its 2002 capital budget.

St. Mary also disclosed that its executive officers and directors entered into lock-up agreements under which they will not sell any shares of the company's stock or similar securities for 90 days from the pricing date of the convertibles without the consent of the initial purchasers of the notes.

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