Toreador Resources' offer to convert 7.85% notes accepted by one third of holders

By Ted A. Knutson

Washington, Jan. 19 - Owners of one third of Toreador Resources Corp.'s $7.5 million of 7.85% convertible subordinated notes due 2009 issued last July have accepted the company's early conversion offer.

The $2.5 million principal amount of securities will be exchanged for 304,878 shares of Toreador common stock plus $28,500.

Under the terms of the notes, the Dallas-based oil and gas producer had the right to force conversion on Feb. 22 if the closing price of Toreador's common stock on the Nasdaq National Market for each of the 30 consecutive trading days preceding Jan. 22 was greater than $14.35 per share.

When the benchmark 30 days was reached on Jan. 13, Toreador offered noteholders the option of converting their securities into common stock plus the interest that would have been payable through Feb. 22.

The 304,878 common shares were issued Jan. 13 at a conversion price of $8.20 per share.

Toreador made the Jan. 13 transactions public in an 8-K filing with the Securities and Exchange Commission.

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