New Issue: Imperial Energy prices $191.3 million 5.95% convertible bonds due 2014, up 45%

By Evan Weinberger

New York, Dec. 4 - Imperial Energy Corp. plc priced $191.3 million in 5.95% convertible bonds due 2014 with a 45% initial conversion premium after the market close Tuesday in London. The convertibles were talked at a 5.5% to 6.25% coupon and a 40% to 45% initial conversion premium.

Merrill Lynch International and ABN AMRO Rothschild are joint bookrunners of the Regulation S transaction.

The settlement date is expected to be Dec. 18.

The conversion price is £1.819.

The convertibles will be callable after five years subject to a 130% hurdle.

Imperial Energy is a London-based oil and gas drilling company with operations in Russia and Kazakhstan. The company plans to use the proceeds for the purchase of three Chinese drilling rigs, to speed up the development of new wells and other infrastructure and for general corporate purposes, including the repayment of $35 million of Imperial Energy's existing debt finance facility.

Issuer: Imperial Energy Corp. plc

Issue: Convertible bonds

Amount: $191.3 million

Maturity: 2014

Coupon: 5.95%

Price: Par

Yield: 5.95%

Conversion premium: 45%

Conversion price: £1.819

Call: After five years subject to 130% hurdle

Bookrunner: Merrill Lynch International, ABN AMRO Rothschild

Distribution: Regulation S

Pricing date: Dec. 4

Settlement date: Dec. 18

Talk: 5.5%-6.25% coupon, 40%-45% conversion premium

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.