Cameron to redeem rest of 2.5% convertibles after put option expires

By Toni Weeks

San Diego, May 25 - Cameron International Corp. said it will redeem any remaining 2.5% convertible senior notes due 2026 following the June 15 expiration of the put option for those notes.

According to a 424B5 filing with the Securities and Exchange Commission, Cameron notified the holders of its 2.5% convertibles that they can require Cameron to purchase the notes at par on June 15. As of May 25, the amount of outstanding notes was roughly $371.1 million.

The company will use a portion of the net proceeds from a planned offering of senior notes to pay for any convertibles purchased as part of the put as well as for the subsequent redemption of the remaining notes.

Houston-based Cameron provides flow equipment products, systems and services to oil, gas and process industries.

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