McMoRan issues 1.2 million shares, cash in exchange for 8% preferreds

By Jennifer Chiou

New York, May 6 - McMoRan Exploration Co. induced the conversion of 8,100 shares of its 8% convertible perpetual preferred stock in a privately negotiated transaction, under which it issued 1.2 million of its shares and paid $1.5 million in cash during the first quarter of 2011, according to a 10-Q filing with the Securities and Exchange Commission.

Total dividend payments and inducement payments on the preferreds came in at $6.9 million during the same period, the filing noted.

Following the transaction, the company said it has about 14,000 of the preferreds outstanding as of March 31.

Based in New Orleans, McMoRan is an oil and gas driller with operations in the Gulf of Mexico and on shore along the Gulf Coast.

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