Calgon Carbon exchanges shares for $7 million of 5% convertibles

By Angela McDaniels

Tacoma, Wash., Sept. 4 - Calgon Carbon Corp. issued 1.4 million shares of common stock in exchange for $7 million of its 5% senior convertible notes due 2036, according to a company news release.

In addition, holders of $11 million of the convertibles have submitted notices to convert their notes into cash and stock.

The company said it expects to pay $11 million in cash and to issue additional shares of its common stock when the conversions of these notes are settled in October.

Prior to June 15, 2011, the notes are convertible only upon certain events, including the stock price trading at 120% of the conversion price or higher for a specified number of days. After that date, the notes will be convertible at any time.

Following the conversions, about $19.8 million of the original $75 million of convertibles issued in August 2006 will remain outstanding.

Calgon Carbon is a Pittsburgh-based provider of products and services for water and air purification.

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