St. Mary noteholders convert all 5.75% convertibles ahead of redemption

By Angela McDaniels

Seattle, March 19 - St. Mary Land & Exploration Co. said noteholders converted all of the company's outstanding $100 million 5.75% senior convertible notes due 2022 ahead of redemption.

The company called the notes at par plus accrued interest on Feb. 20. The redemption date was scheduled for Tuesday.

Noteholders could convert their notes into 76.923 shares of St. Mary common stock per $1,000 principal amount of notes, which equals a conversion price of $13.00 per share, until 5 p.m. ET on Friday. The company's stock (NYSE: SM) closed at $34.52 on Friday.

The conversion resulted in the issuance of 7,692,295 shares of common stock, and there are roughly 62.7 million shares of common stock now outstanding, according to a company news release.

St. Mary is a Denver-based oil and gas exploration and production company.

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