McMoRan announces conversion rate for $158.9 million 6.75% preferreds

By Marisa Wong

Madison, Wis., Nov. 11 - McMoRan Exploration Co. announced the conversion rate for its $158.9 million of 6.75% mandatory convertible preferred stock, which automatically converts into common shares on Nov. 15.

The conversion rate per $100 face amount of preferred stock will be 6.7204.

The 1.6 million outstanding preferred shares will convert into about 10.7 million common shares.

Holders of preferreds on the mandatory conversion date will also receive the previously declared final quarterly cash dividend of $1.6875 per share.

The last trading day on the New York Stock Exchange for the preferreds is Friday.

Based in New Orleans, McMoRan is an oil and gas driller with operations in the Gulf of Mexico and on shore along the Gulf Coast.

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