Toreador Resources says all 7.85% noteholders have accepted early conversion offer

By Ted A. Knutson

Washington, Jan. 21 - Toreador Resources Corp. said it has converted all of its $7.5 million principal amount of 7.85% convertible subordinated notes due 2009 to stock following the acceptance of an early conversion offer by the owners of the remaining $3 million in securities.

The $3 million face value in notes was converted into 365,854 common shares of the Dallas-based energy producer on Jan. 20.

When the notes were issued in July, Toreador was given the right to compel conversion on Feb. 22 if the closing price of its common stock was greater than $14.35 per share for each of the 30 consecutive trading days preceding that date.

When the 30-day price condition was attained more than a month earlier, Toreador offered noteholders the option of converting their securities into common stock plus interest that would have been payable through Feb. 22.

Toreador made the announcement an 8-K filing with the Securities and Exchange Commission.

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