McMoRan Exploration exchanges more than 99% of 5.25% convertibles

By Toni Weeks

San Diego, Sept. 13 - McMoRan Exploration Co. said it accepted $67.8 million principal amount of 5.25% convertible senior notes due 2012 for exchange for an equal amount of newly issued 5.25% convertible senior notes due 2013.

The amount accepted represents more than 99% of the $68.2 million of convertibles due 2012 outstanding at the start of the exchange offer.

The company will pay accrued interest in cash through and including the expiration date of the exchange offer, which was 11:59 p.m. ET on Sept. 12.

The purpose of the exchange offer was to extend the maturity date of the existing notes by one year, according to a previous company press release.

The terms of the new notes will be substantially identical to the terms of the existing notes, except that they will mature Oct. 6, 2013. The Cusip number for the new convertibles is 582411AM6.

The company also announced that it will repay the $300,000 of existing notes remaining after the offer expired.

The Bank of New York Mellon Trust Co., NA (attn..: William Buckley, 212 815-5788 or fax 212 298-1915) is the exchange agent for the offer.

McMoRan Exploration is a natural gas and oil company based in New Orleans.

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