Cooper Cameron Confirms 'Cash Pay' Provision on Convertible Securities
December 06 2004 - 5:45PM
PR Newswire (US)
Cooper Cameron Confirms 'Cash Pay' Provision on Convertible
Securities - Board approves irrevocable election to retire debt
with cash rather than issue shares HOUSTON, Dec. 6
/PRNewswire-FirstCall/ -- Cooper Cameron Corporation (NYSE:CAM) has
elected to use a "cash pay" provision with respect to its 1.50%
convertible senior debentures due 2024 for any debentures tendered
for conversion or designated for redemption. In the event Cooper
Cameron's common stock price reaches certain predetermined levels
and holders choose to tender their debentures, or if Cooper Cameron
decides to redeem the debentures, the Company will pay cash for 100
percent of the principal amount of such debentures. Cooper Cameron
Chairman, President and Chief Executive Officer Sheldon R. Erikson
said that by committing to this course of action, the Company will
not include, in its calculation of diluted earnings per share
(EPS), the underlying shares associated with the potential
conversion of the principal amount of the convertible debentures
into common stock. "When we originally issued the 1.50%
convertibles," Erikson said, "accounting rules did not require
potential conversion of these debentures to be assumed in fully
diluted calculations. While recent changes in the accounting rules
for such contingency convertibles would now require us to assume
conversion, the election of the 'cash pay' option obviates the need
to include the underlying shares in the current calculation of
diluted EPS." Cooper Cameron Corporation is a leading international
manufacturer of oil and gas pressure control equipment, including
valves, wellheads, controls, chokes, blowout preventers and
assembled systems for oil and gas drilling, production and
transmission used in onshore, offshore and subsea applications, and
provides oil and gas separation equipment. Cooper Cameron is also a
leading manufacturer of centrifugal air compressors, integral and
separable gas compressors and turbochargers. Website:
http://www.coopercameron.com/ DATASOURCE: Cooper Cameron
Corporation CONTACT: R. Scott Amann, Vice President, Investor
Relations of Cooper Cameron Corporation, +1-713-513-3344 Web site:
http://www.coopercameron.com/
Copyright
Cooper Cameron (NYSE:CAM)
Historical Stock Chart
From Jun 2024 to Jul 2024
Cooper Cameron (NYSE:CAM)
Historical Stock Chart
From Jul 2023 to Jul 2024