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Pan American says $70.8 million debentures converted so far
New York, April 29 - Pan American Silver Corp. said holders have exchanged $70.8 million of its $86.25 million of 5.25% convertible unsecured senior subordinated debentures due 2009 so far.
The offer continues until May 21.
Pan American noted that the increase in its stock price since the securities were issued in July 2003 has helped the offer.
Pan American Silver began the offer on April 7, saying it will pay a 4% premium to encourage early conversion of the debentures.
Under its offer to promote conversion, Pan American Silver will pay $131.25 in cash and 106.9290 shares per $1,000 principal amount of debentures converted. The company said that represents 2.4358 additional shares compared to the 104.4932 shares to which holders were previously entitled, a 4% premium over the $1,000 principal amount.
The Vancouver, B.C., silver mining company priced the convertibles on July 21, 2003.
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