Hecla says 274,000 shares of convertible preferreds tendered

New York, Feb. 23 - Hecla Mining Co. said holders tendered 274,000 shares out of its 464,777 outstanding shares of series B cumulative convertible preferred stock.

The Coeur d'Alene, Idaho, silver and gold mining company had been offering to exchange each preferred share for 7.94 shares of common stock. The exchange expired at midnight ET on Feb. 20.

Following completion of the offer, Hecla will have 191,000 shares of the convertibles outstanding. They are exchangeable for 3.2 shares of common stock.

Hecla announced the exchange ratio on Feb. 18, calculating it by dividing $66.00 by the volume-weighted average price for its common stock on the New York Stock Exchange for the five trading days ending Feb. 18.

Hecla announced details of the exchange on Jan. 16, saying it was offering $66.00 in value of its common stock up to 8.25 shares for each share of the series B preferreds.

Hecla said the $66.00 value represents a 12% premium to the preferreds' closing price of $59.00 on Jan. 9 and a 6% premium over the current redemption price for the preferreds.

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