Mercer to swap new convertibles for $43.25 million 8.5% convertibles

By Angela McDaniels

Tacoma, Wash., Nov. 25 - Mercer International Inc. said some holders have agreed to exchange $43.25 million of 8.5% convertible senior subordinated notes due October 2010 for new 8.5% convertible senior subordinated notes due Jan. 15, 2012.

The holders will receive new notes equal to the principal amount of notes being exchanged plus accrued interest, according to a company news release.

The new convertibles have substantially the same terms as the old convertibles other than their maturity date and conversion price, which is $3.30 per share.

The completion of the exchange is subject to some conditions including Nasdaq approval and qualification of the indenture under which the new convertibles will be issued.

Mercer is a pulp manufacturing company based in Vancouver, B.C., with U.S. headquarters in Seattle.

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