Magnum Hunter's 8% series E convertibles admitted to trading on NYSE

By Tali David

Minneapolis, Dec. 13 - The depositary shares representing Magnum Hunter Resources Corp.'s 8% series E cumulative convertible preferred stock have been admitted to trading on the New York Stock Exchange, according to a notice.

The shares trade under the symbol "MHR PR E."

As reported on Dec. 5, the company priced 1 million depositary shares representing interest in the stock, which will be sold on a best-efforts basis at a discounted $23.50 per share.

The stated dividend rate is 8%, and the penalty dividend rate is 10%.

The company plans to receive proceeds from the sale of about $21.9 million, which will be used to repay debt under its senior revolving credit facility.

Joint bookrunners are UBS Investment Bank, MLV & Co. Inc. and Wunderlick Securities Inc., with co-managers Maxim Group LLC, National Securities Corp. and Northland Capital Markets.

Magnum Hunter is a Houston-based oil and gas exploration company.

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