McMoRan Exploration Co. Completes Exchange Offer for 5 1/4% Convertible Senior Notes
October 06 2011 - 12:42PM
Business Wire
McMoRan Exploration Co. (NYSE: MMR) announced today results from
the exchange offer for its $74.7 million 5 1/4% Convertible Senior
Notes due 2011 (“existing notes”). A total of $68.2 million of the
existing notes were accepted for exchange for an equal principal
amount of newly issued 5 1/4% Convertible Senior Notes due 2012
(“new notes”).
The amount of existing notes exchanged represents over 90
percent of the aggregate principal amount outstanding upon
commencement of the exchange offer. McMoRan repaid the remaining
$6.5 million of the existing notes, which matured on October 6,
2011. The terms of the new notes are substantially identical to the
terms of the existing notes, except that the new notes have a
maturity date of October 6, 2012. The CUSIP number for the new
notes is 582411AL8.
The new notes have a conversion price of $16.575 per share and
would be convertible into 4.1 million shares of common stock.
McMoRan has approximately 161 million shares of common stock
outstanding. Assuming conversion of McMoRan’s remaining outstanding
8% Convertible Perpetual Preferred Stock, 4% Convertible Senior
Notes, 5 3/4% Convertible Perpetual Preferred Stock and the new
notes, McMoRan would have approximately 224 million common shares
outstanding on a fully converted basis.
This press release is for informational purposes only and is not
an offer to exchange or a solicitation of an offer to exchange any
new notes for existing notes. The exchange offer was made by
McMoRan pursuant to an exemption from registration under Section
3(a)(9) of the Securities Act of 1933, as amended.
McMoRan Exploration Co. is an independent public company engaged
in the exploration, development and production of natural gas and
oil in the shallow waters of the GOM Shelf and onshore in the Gulf
Coast area. Additional information about McMoRan is available on
its internet website www.mcmoran.com.
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