McMoRan Exploration Co. (NYSE:MMR) announced results from the exchange offer for its $74.7 million 5 1/4% Convertible Senior Notes due 2011 ("existing notes"). A total of $68.2 million of the existing notes were accepted for exchange for an equal principal amount of newly issued 5 1/4% Convertible Senior Notes due 2012 ("new notes"). The amount of existing notes exchanged represents over 90 percent of the aggregate principal amount outstanding upon commencement of the exchange offer. McMoRan repaid the remaining $6.5 million of the existing notes, which matured on October 6, 2011. The terms of the new notes are substantially identical to the terms of the existing notes, except that the new notes have a maturity date of October 6, 2012. The CUSIP number for the new notes is 582411AL8.
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