By Devika Patel
Knoxville, Tenn., Aug. 16 - Endeavour International Corp. negotiated a $10.17 million registered direct offering of stock, according to a prospectus supplement filed Monday with the Securities and Exchange Commission. The company also said it arranged a $150 million three-year senior secured credit facility with lead investor Cyan Partners, LP.
In the direct offering, the company will sell 8,999,999 common shares at a price per share of $1.13, the Aug. 13 closing share price, to Cyan Partners. There is no agent.
The credit facility has provisions allowing the company to sell its assets and reinvest the proceeds in the business, make acquisitions and incur additional debt. It has a 12% cash coupon, plus 3% payment-in-kind that the company may pay in cash at its option. It is callable after one year. Houlihan Lokey was the agent for the facility.
Proceeds of the credit facility were used to pay down debt and will also be used for growth and general business purposes; the stock offering's proceeds will be used for general corporate purposes.
Endeavour is an oil and gas exploration company based in Houston.
| Issuer: | Endeavour International Corp.
|
| Issue: | Common shares, credit facility
|
| Amount: | $160.17 million
|
| Pricing date: | Aug. 16
|
| Stock symbol: | Amex: END
|
| Stock price: | $1.15 at close Aug. 16
|
| Market capitalization: | $186.32 million
|
|
|
| Direct offering
|
| Amount: | $10.17 million
|
| Shares: | 8,999,999
|
| Price: | $1.13
|
| Investor: | Cyan Partners, LP
|
|
|
| Credit facility
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| Amount: | $150 million
|
| Tenor: | Three years
|
| Coupon: | 12%, plus 3% PIK or cash
|
| Call: | After one year
|
| Agent: | Houlihan Lokey
|
| Investor: | Cyan Partners, LP (lead)
|
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