By Laura Lutz
Des Moines, Dec. 27 - Endeavour International Corp. arranged a $40 million private placement of convertible notes with investor Smedvig Family Office, according to a news release.
Both companies plan to increase the investment size to $100 million later, according to the release.
The notes will mature in January 2014 and bear interest at 11.5% per year. They will initially be convertible at $2.36, a 74% premium to the Dec. 24 closing price of the stock.
Settlement is expected in mid-January.
Endeavour is an oil and gas exploration company based in Houston.
| Issuer: | Endeavour International Corp.
|
| Issue: | Convertible notes
|
| Amount: | $40 million
|
| Maturity: | January 2014
|
| Coupon: | 11.5%
|
| Price: | Par
|
| Yield: | 11.5%
|
| Conversion price: | $2.36
|
| Investor: | Smedvig Family Office
|
| Announcement date: | Dec. 26
|
| Stock symbol: | Amex: END
|
| Stock price: | $1.23 at close Dec. 26
|
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