By Susanna Moon
Chicago, July 19 - Venture Production plc said it arranged a £151 million private placement of 3.25% unsecured convertible bonds due 2010.
The bonds are convertible into shares at 915p per share. After a holding period of six months, the bonds will be convertible into 16.5 million shares equal to 11.6% of Venture's fully diluted share capital.
The conversion price represents a premium of 20.6% to the closing price on July 18 and a 27.3% premium to the volume-weighted average share price over the one-month before this announcement, the company said in a press release.
The issue of convertibles is subject to shareholder approval and is part of a £200 million deal with 3i Group plc, and its affiliates, and ArcLight Capital Partners, LLC, and its co-investors, which also includes conversion of ArcLight's existing North Sea Gas Partners interest into Venture shares at a price of 772p per share.
In connection with the deal, the company agreed to acquire the interest held by ArcLight in for the issue 6,033,906 shares valued at £46.6 million to ArcLight.
Based in Aberdeen, Scotland, Venture is an oil and natural gas production company.
| Issuer: | Venture Production plc
|
| Issue: | Convertible bonds
|
| Amount: | £151 million
|
| Maturity: | 2010
|
| Coupon: | 3.25%
|
| Price: | Par
|
| Yield: | 3.25%
|
| Conversion price: | 915p
|
| Warrants: | No
|
| Investors: | 3i Group plc, and its affiliates, and ArcLight Capital Partners, LLC, and its co-investors
|
| Pricing date: | July 19
|
| Stock symbol: | London: VPC
|
| Stock price: | 758.50p at close July 18
|
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