OZ Minerals calls $105 million outstanding 5.25% convertible bonds

By Melissa Kory

Cleveland, Oct. 25 - OZ Minerals Ltd. announced that it will redeem its $105 million outstanding 5.25%convertible bonds.

The bonds will be redeemed Nov. 24.

The bonds became redeemable because the company's share price has exceeded 130% of the conversion price for more than 20 out of 30 successive trading days.

If holders convert their bonds prior to the redemption date at the current conversion price of $0.895, 117,318,436 ordinary shares will be issued. The company's current stock price is A$1.59.

OZ said that it expects holders will choose to convert since the stock price is above the conversion price.

Conversion notices have already been received from five bondholders, totaling $24.3 million or 27,150,838 shares.

OZ Minerals is a Melbourne, Australia-based mining company.

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