USEC to issue stock in exchange for $45 million of 3% convertibles

By Angela McDaniels

Tacoma, Wash., Jan. 10 - USEC Inc. agreed to issue 6,952,500 shares of common stock in exchange for $45 million principal amount of its 3% convertible senior notes due 2014, according to an 8-K filing with the Securities and Exchange Commission.

The company reached the exchange agreement with the holder of the convertibles on Jan. 10.

The holder will also receive accrued interest in cash.

The exchange is expected to be completed on Jan. 14.

The Bethesda, Md.-based energy company said it may conduct exchanges for additional convertibles from time to time.

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