GMX RESOURCES INC.(GMXR) announced that it has commenced offers to exchange for (i) all of its existing 5.00% Convertible Senior Notes due 2013, of which $51,997,000.00 aggregate principal amount is currently outstanding, in exchange for (a) new Senior Secured Second-Priority Notes due 2018 and (b) shares of the Company's common stock, and (ii) a limited amount of its existing 4.50% Convertible Senior Notes due 2015, in exchange for the New Notes.
Pursuant to the terms of the Exchange Offers, the Company is offering to exchange (a) for each $1,000.00 principal amount of 2013 Notes: (i) $1,000.00 principal amount of New Notes (up to an aggregate of approximately $52.0 million) and (ii) 288 shares of Common Stock; and (b) for each $1,000 principal amount of its Existing 2015 Notes, $700 principal amount of New Notes, subject to a maximum aggregate principal amount of New Notes issuable to all holders of Existing 2015 Notes equal to the excess of $60 million over the total aggregate principal amount of Existing 2013 Notes validly tendered and not validly withdrawn as of the Expiration Date.
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