On September 13, 2012 McMoRan completed an exchange offer for up to $68.2 million aggregate principal amount of its 5¼% Convertible Senior Notes due 2012 (“existing notes”). A total of $67.8 million of the existing notes were accepted for exchange for an equal principal amount of newly issued 5¼% Convertible Senior Notes due 2013 (“new notes”). McMoRan repaid the remaining $0.3 million of the existing notes, which matured on October 6, 2012. The terms of the new notes are substantially identical to the terms of the existing notes, except that the new notes have a maturity date of October 6, 2013.McMoRan has approximately 162 million shares of common stock outstanding. Assuming conversion of McMoRan’s remaining outstanding 8% Convertible Perpetual Preferred Stock, 4% Convertible Senior Notes, 5¾% Convertible Perpetual Preferred Stock and 5¼% Convertible Senior Notes, McMoRan would have approximately 224 million common shares outstanding on a fully converted basis.
McMoRan Exploration Co. Reports Third-Quarter/Nine-Month 2012 Results
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