By Evan Weinberger
New York, June 27 - Dana Petroleum plc placed £141.5 of seven-year 2.9% senior guaranteed convertible bonds due 2014 with an initial conversion premium of 50% after trading closed Monday.
The bonds were offered to investors at 99.
The deal came near the cheap end of talk, which placed the coupon between 2.5% and 3% with an initial conversion premium between 50% and 55%.
ABN Amro Rothschild is the bookrunner. Dana will act as guarantor of the bonds, 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 conversion price is £16.45.
The total value of the deal represents approximately 8.6 million shares, or 10% of Dana's outstanding share capital.
There is a put option on July 17, 2012, or the five-year mark of the issuance.
Proceeds from the sales 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.
Issuer: Dana Petroleum (Jersey) Ltd. (Dana Petroleum plc)
Issue: Senior guaranteed convertible bonds
Amount: £141.5 million
| Maturity: | July 17, 2014
|
| Coupon: | 2.9%
|
| Price: | 99
|
| Redemption price: | Par
|
| Initial conversion premium: | 50%
|
| Conversion price: | £16.45
|
| Call: | None
|
| Put: | July 17, 2012
|
| Pricing date: | June 26
|
| Settlement date: | July 17
|
| Bookrunner: | ABN Amro Rothschild
|
| Distribution: | Regulation S
|
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