Pan American says 99% of 5.25% debentures converted

Pittsburgh, May 25 - Pan American Silver Corp. said holders of its 5.25% convertible debentures exchanged $85.4 million or 99% of the $86.25 million principal amount for stock.

The Vancouver, B.C. silver mining company began an offer to encourage early conversion on April 7. It ended May 21.

Pan American Silver was offering $131.25 in cash and 106.9290 shares per $1,000 principal amount of debentures converted. The company said that represents 2.4358 additional shares compared to the 104.4932 shares to which holders were previously entitled, a 4% premium over the $1,000 principal amount.

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