Warren Resources calls remaining 13.02% convertibles

By Jennifer Chiou

New York, Sept. 21 - Warren Resources, Inc. announced the early redemption of its 13.02% sinking fund convertible bonds due Dec. 31, 2015 at 100% plus accrued interest.

The redemption date is Nov. 23.

"By redeeming the bonds, Warren will further reduce debt by $10.6 million, annual interest payments by $1.4 million and annual sinking fund requirements by $0.4 million," Timothy Larkin, chief financial officer said in a news release.

Prior to the close of business on Nov. 23, investors may exchange their bonds into the company's shares at the conversion rate of 125 shares per $1,000 principal amount at maturity. Warren stock closed at $13.46 on Wednesday.

Bondholders may surrender their notes to American Stock Transfer and Trust Co.

Warren Resources is a New York-based energy company.

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