Calgon Carbon Announces Conversion of Convertible Notes into Common Stock

    PITTSBURGH, Aug. 21 /EMWNews/ -- Calgon Carbon Corporation

(NYSE: CCC) announced today that holders of approximately 49.6%, or $37.2

million aggregate principal amount of its outstanding 5.0% Senior

Convertible Notes due 2036 (Notes), have converted their Notes into Calgon

Carbon common stock. The company issued approximately 7.3 million shares of

its common stock to complete these transactions.



    Approximately two million shares of the 7.3 million shares were issued

in lieu of cash that otherwise would have been payable upon conversion. The

two million shares were not included in the calculation of the fully

diluted earnings per share reported in the company's most recent Form 10-Q.



    As a result of the conversions, Calgon Carbon expects to save

approximately $1.9 million annually in interest expense. After the

conversions are completed, approximately $37.8 million aggregate principal

amount of the Notes will remain outstanding.



    Commenting on the announcement, Leroy M. Ball, Calgon Carbon's chief

financial officer said, "The conversion of the Notes immediately increases

Calgon Carbon's liquidity by adding permanent capital to our balance sheet

at a low cost, and positions our company to take advantage of numerous

strategic opportunities, including the emerging mercury removal market."



    Calgon Carbon Corporation, headquartered in Pittsburgh, Pennsylvania,

is a global leader in services and solutions for making water and air safer

and cleaner.



    The Private Securities Litigation Reform Act of 1995 provides a "safe

harbor" for forward-looking statements. This document contains certain

statements that are forward-looking relative to the company's future

strategy and performance. They involve known and unknown risks and

uncertainties that may cause the company's actual results in future periods

to be materially different from current expectations.