McMoRan Exploration Co. MMR announced today an offer to exchange up to
$68.2 million aggregate principal amount of 5 1/4% Convertible Senior Notes
due 2012 (“Existing Notes”) for an equal principal amount of newly issued 5
1/4% Convertible Senior Notes due 2013 (“New Notes”), plus cash in an amount
equal to the accrued and unpaid interest on the Existing Notes to and
including the Expiration Date (defined below). The $68.2 million represents
the total amount of Existing Notes outstanding.
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