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Prospect News home > News index > List of issuers T > Headlines for Tenders 2011 > News item |
McMoRan holders exchange 91.3% of 5.25% convertibles due 2011
By Angela McDaniels
Tacoma, Wash., Oct. 6 - McMoRan Exploration Co. accepted $68.2 million of its $74.7 million principal amount of 5.25% convertible senior notes due Oct. 6, 2011 in an exchange offer that expired at 5 p.m. ET on Oct. 5, according to a company news release.
The company repaid the remaining $6.5 million of notes at maturity.
In the exchange offer, holders received an equal principal amount of newly issued 5.25% convertible senior notes due Oct. 6, 2012 plus accrued interest on the existing notes through Oct. 5.
The terms of the new notes are substantially identical to the terms of the existing notes except for the maturity date.
The conversion price remains $16.575. McMoRan's stock closed at $10.15 (NYSE: MMR) on Oct. 5.
The completion of the exchange offer was conditioned on the receipt of tenders for at least $30 million of the existing notes.
The exchange agent was Bank of New York Mellon Trust Co., NA (212 815-3687).
McMoRan Exploration is a natural gas and oil company based in New Orleans.
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