Mercator Minerals unit calls its 11½% senior secured notes due 2012

By Susanna Moon

Chicago, April 26 - Mercator Minerals Ltd. said its wholly owned subsidiary Mineral Park Inc. plans to redeem its outstanding $120 million principal amount of 11½% senior secured notes due Feb. 16, 2012.

The company will pay $1,089.6986 for each $1,000 principal amount of notes, or $1,050 per note plus accrued interest up to, but excluding, the redemption date of May 6.

Mercator also closed the previously announced $130 million in credit facilities that will provide funding for the redemption.

Mercator Minerals is a Vancouver, B.C.-based mining company.

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