Consolidated Thompson to redeem remaining 5% convertibles on June 13

By Marisa Wong

Madison, Wis., May 13 - Consolidated Thompson Iron Mines Ltd. said it will redeem on June 13 all of its then outstanding 5% convertible unsecured subordinated debentures due Nov. 30, 2017.

The debentures will be redeemed at a redemption price of C$1,131.60 per $1,000 principal amount, along with accrued interest.

As previously announced, Consolidated Thompson began an offer on May 12 to purchase the 5% debentures at par, following its acquisition by Cliffs Natural Resources Inc. The completion of the acquisition constituted a cash change of control under the indenture for the debentures.

As a result, the debentures are convertible at any time before the close of business on June 13, which is the 30th day after the offer to purchase was mailed. The debentures are convertible at a reduced conversion price of $11.981, which results in a cash payment of C$1,439.78 per $1,000 principal amount.

On and after June 13, the debentures are no longer convertible and will no longer be deemed outstanding.

Consolidated Thompson is a Montreal-based mining company.

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