McMoRan Exploration converts $40 million 5.25% convertibles

By Jennifer Chiou

New York, May 30 - McMoRan Exploration Co. induced the conversion of about $40 million of its 5.25% convertible senior notes Oct. 6, 2011, according to an 8-K filing with the Securities and Exchange Commission.

The privately negotiated transactions took place from May 27 to May 30.

As a result, the company issued about 2.4 million shares of its stock, and McMoRan said that it paid $1.7 million to induce these conversions.

Following the conversions, $74.1 million of 5.25% notes remains outstanding.

The company also said that during the June 2 week, it will provide information to holders of its 6% convertible senior notes due July 2, 2008 regarding conversion procedures.

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

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