By Sheri Kasprzak
New York, July 19 - Venture Production plc said it has completed a private placement of convertible bonds for £29 million.
The bonds, which are due Oct. 26, 2010, are convertible into common shares at 474p each. The conversion price represents a 16% premium to the company's closings tock price on July 18.
The bonds, sold to institutional investors, bear interest at 4.25% annually.
The bonds are redeemable, if not previously converted, at 110% of face value plus interest at maturity.
The proceeds will be used to acquire interests in undeveloped North Sea oilfields and discoveries.
Based in Aberdeen, Scotland, Venture is an oil and natural gas production company.
| Issuer: | Venture Production plc
|
| Issue: | Convertible bonds
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| Amount: | £29 million
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| Maturity: | Oct. 26, 2010
|
| Coupon: | 4.25%
|
| Price: | Par
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| Yield: | 4.25%
|
| Conversion price: | 474p
|
| Call: | Redeemable at 110% of face value plus interest at maturity
|
| Warrants: | No
|
| Settlement date: | July 19
|
| Stock price: | 395.75p at close July 19
|
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