Centennial Coal to issue shares for $267,000 of 6.2% convertibles

By Jennifer Chiou

New York, Jan. 27 - Centennial Coal Co. Ltd. announced the issue of 120,814 ordinary shares in exchange for $267,000 of its 6.2% subordinated convertible notes due 2012.

On Dec. 21, the company said it planned to redeem the notes on March 15. The redemption amount will be par plus accrued interest.

As already reported, the notes became callable when the company's shares traded above 125% of their conversion price for at least 20 out of the 30 trading days ending on Dec. 31.

Centennial is a Sydney, Australia-based coal exploration company. The company's shares closed at $3.69 apiece on Jan. 27.

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