McMoRan Exploration converts $32 million of 6% convertibles in year to date

By Jennifer Chiou

New York, April 17 - McMoRan Exploration Co. announced the conversion of $32 million of its 6% convertible senior notes due July 2, 2008 thus far in 2008, including $7.3 million of the notes in April.

According to an 8-K filing with the Securities and Exchange Commission, on April 10 and April 11, the company completed privately negotiated transactions to induce the conversion of the $7.3 million of notes into about 500,000 McMoRan shares.

The total $32 million of converted notes translated into 2.2 million shares, based on the $14.25 conversion price, the company said in a new release.

On Feb. 26, McMoRan induced or agreed to induce the conversion of $23.1 million of its 6% convertibles into 1.62 million shares of common stock.

Following the conversions, $69.1 million of 6% notes remains outstanding.

McMoRan is a New Orleans-based oil and gas exploration, development and production company.

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