Each one in plain English, with the numbers worked through for a shareholder.
14 Feb 2006capital raising announcement● Neutral
McMoRan induced further conversions of $7.0 million of its 6% notes and $25.0 million of its 5¼% notes into 2.0 million shares. It paid $3.9 million, expects a net charge of about $3.6 million in Q1 2006, and estimates cumulative annual interest savings of about $2.6 million. Shares outstanding rise to about 27.8 million. This continues the January conversions, and the $25.0 million of 5¼% notes retired is part of the Oct 2004 issue.
Columbia Wanger Asset Management, L.P, WAM Acquisition GP, Inc. reported a MCMORAN EXPLORATION CO /DE/ shareholding of 2,011,500 shares (8.20% of votes) in a periodic institutional filing.
Wells Fargo & and 1 other reported a MCMORAN EXPLORATION CO /DE/ shareholding of 2,700,217 shares (10.95% of votes) in a periodic institutional filing.
McMoRan induced holders to convert $15 million of its $130 million of 6% convertible notes due 2008 into 1,052,631 shares at $14.25. It paid $0.9 million, expects a roughly $0.9 million first-quarter charge, and estimates annual interest savings of about $0.9 million. Shares outstanding rise to about 25.7 million, so existing shareholders are diluted. The 6% notes were not in the earlier context, so this is the first mention of them.
The Freeport-McMoRan services subsidiary renewed director B. M. Rankin Jr.'s consulting agreement for 2006, on unchanged terms, continuing the annual renewal. The filing also says the company temporarily moved its headquarters to Baton Rouge after Hurricane Katrina.