Old Mutual says $13.7 million convertibles put back

New York, April 25 - Old Mutual plc said holders of $13.7 million of its $650 million 3.625% convertible bonds due 2005 have exercised their option to put the securities back on May 2.

After the put, there will be $636.286 million of the convertibles outstanding.

Harken to redeem 5% convertibles for stock

New York, April 25 - Harken Energy Corp. said it will redeem its 5% senior convertible notes due May 26, 2003 on May 26 for stock.

Holders will receive stock equal to 115% of the principal amount of the notes plus accrued interest.

The Houston oil and gas exploration and production company currently has $14.1 million principal amount of the notes outstanding which will result in the issuance of up to 47.8 million shares.

But Harken said it is actively pursuing transactions to exchange or repurchase the convertibles ahead of the redemption. These could significantly reduce the number of shares to be issued.

Transocean to pay put in cash

New York, April 25 - Transocean Inc. said it will pay the upcoming put on its zero coupon convertible debentures due May 24, 2020 in cash.

Holders who exercise the option to put the securities back on May 24 will receive $628.57 per $1,000 principal amount.

If all the convertibles are put back then Transocean will have to pay $543.7 million. The transaction will be funded from available cash, the Houston offshore drilling contractor said.

Transocean had the option to pay for the debentures with cash, stock or a combination.

The put expires at 10.00 a.m. ET on May 27, extended from 5.00 p.m. ET on May 24 because May 24 is a Saturday.

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