Published on 6/18/2002 in the Prospect News Convertibles Daily.
New Issue: McMoRan Exploration $35 million convertible preferreds yield 5%, up 20%
New York, June 18 - McMoRan Exploration Co. priced $35 million of 5% 10-year convertible preferred stock to yield 5% with an initial conversion premium of 20%.
McMoRan sold the securities off its shelf registration via Hibernia Southcoast Capital, Inc.
The New Orleans, La. oil and gas exploration and production company will use proceeds to repay all its bank debt, for working capital and for other corporate purposes.
| Issuer: | McMoRan Exploration Co.
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| Issue: | Convertible preferred stock
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| Amount: | $35 million (1.4 million shares)
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| Maturity: | June 30, 2012
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| Dividend: | 5%
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| Price: | Par of $25
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| Conversion premium: | 20%
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| Conversion price: | $4.81
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| Conversion ratio: | 5.1975
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| Call: | June 30, 2007 onwards
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| Pricing date: | June 17
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| Settlement: | June 21
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| Underwriter: | Hibernia Southcoast Capital, Inc.
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