Dana Petroleum talks £150 million convertibles at 2.5% to 3%, up 50% to 55%

By Evan Weinberger

New York, June 26 - Dana Petroleum plc talked its planned offering of £150 million of seven-year senior guaranteed convertible bonds due 2014 to yield 2.5% and 3% with an initial conversion premium of 50% and 55%, according to a filing with the London Stock Exchange.

ABN Amro is the bookrunner and lead manager of the proposed offering, which was expected to price after the close Tuesday. Dana will act as guarantor of the issue, which will be sold through Dana Petroleum (Jersey) Ltd.

The bonds will be convertible into preference shares exchangeable for fully-paid ordinary shares of Dana.

The final size of the transaction is to be determined at pricing, but it will be convertible into approximately 8.6 million shares, or 10% of Dana's outstanding share capital.

According to the filing, the funds raised from the sale will go towards refinancing part of a credit bridge established to fund Dana's April $375 million purchase of Devon Energy Corp.'s Egyptian assets.

Dana is an Aberdeen, United Kingdom, oil and gas exploration and production company with operations mainly in the North Sea and other exploration assets in Europe and Africa.

© 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.