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SM Energy receives puts for $14,000 3.5% convertibles, calls remainder
New York, April 2 - SM Energy Co. said holders exercised the put option for $14,000 of its 3.5% senior convertible notes due 2027. The company added that it is calling the remainder for redemption.
The put expired at 12 a.m. ET on March 30. Holders will receive par.
Following the put exercises, there is $287,486,000 of the convertibles outstanding.
SM Energy said these securities will be redeemed on May 2. The redemption price will total $1,003.31 per $1,000 principal amount, which includes accrued interest and contingent interest.
The notes will be convertible into stock up until 5 p.m. ET on April 30 at a rate of 18.3757 shares per $1,000 principal amount. SM stock closed at $70.96 on Monday.
SM Energy is a Denver-based oil and natural gas company.
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