McMoRan Exploration has commenced a public offering of approximately 11 million shares of common stock. The underwriters have an option to purchase from McMoRan up to an additional 1.65 million common shares to cover overallotments, if any.
McMoRan also has concurrently commenced a public offering of 50,000 shares of convertible perpetual preferred stock. The convertible perpetual preferred stock has an offering price of $1,000 per share and will be convertible into shares of McMoRan common stock at a conversion price to be determined at the time of pricing. The underwriters have an option to purchase from McMoRan up to an additional 7,500 convertible perpetual preferred shares to cover overallotments, if any.
McMoRan intends to use the net proceeds from these offerings to fund capital expenditures and for general corporate purposes.
The book-running manager for these offerings is JPMorgan. The offerings are being made under McMoRan's existing shelf registration statement filed with the Securities and Exchange Commission on October 5, 2007. This press release is neither an offer to sell nor a solicitation of an offer to buy any securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer,
Most Popular Articles