Credit Suisse may acquire up to $111 million Cameron 2.5% convertibles

By Jennifer Chiou

New York, June 10 - Cameron International Corp. entered into a repurchase plan on June 8 under which Credit Suisse Securities (USA) LLC may repurchase up to $111 million of its 2.5% convertible senior notes due 2026, according to an 8-K filing with the Securities and Exchange Commission.

Credit Suisse may purchase the securities beginning on June 29 and ending one day following the release of the company's earnings for the second quarter.

Also under the plan, Cameron is authorized to repurchase its notes during periods when it would normally not be active in the market due to its internal trading "blackout" period, the filing added.

Earlier this month, the company announced that all of the notes will be redeemed on July 6 at a redemption price of par plus accrued interest.

As previously reported, Cameron notified the noteholders on May 17 that they can require the company to purchase the notes at par on June 15. As of May 25, the amount of outstanding notes was $371.1 million.

The notes may be converted at any time prior to 5 p.m. ET on July 5. The company's shares (NYSE: CAM) closed at $44.78 on June 10.

The trustee is U.S. Bank NA. Questions should be directed to the trustee, attention Jack Ellerin (404 898-8830).

Houston-based Cameron provides flow equipment products, systems and services to oil, gas and process industries.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.