Core's $300 million senior exchangeable notes due 2011 are now convertible

By Devika Patel

Knoxville, Tenn., July 15 - Core Laboratories NV said that holders of its $300 million outstanding senior exchangeable notes due 2011 may elect to convert their holdings.

The conversion opportunity arose because Core's stock price exceeded 130% of the notes' conversion price of $94.76 for more than 20 of the last 30 trading days of the last quarter, enabling an early conversion option.

Based in Amsterdam, Core is a provider of proprietary and patented reservoir description, production enhancement, and reservoir management services used to optimize petroleum reservoir performance.

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