By Sheri Kasprzak
Atlanta, Feb. 25 - Endeavour International Corp. said the investors of $65 million in convertible senior notes have purchased $14.75 million in additional principal of the notes as part of a greenshoe attached to the original offering.
The notes bear interest at 6% annually, mature in January 2012 and are convertible into common shares at $5.02 each at a rate of 199.2032 shares for every $1,000 in principal.
The original offering, announced Jan. 13, came with a greenshoe for up to $16.25 million in additional principal.
JPMorgan Securities was the placement agent.
Endeavour, a Houston-based oil and gas company, said proceeds would be used to fund expenditures for oil and gas properties, for working capital and for general corporate purposes, which may include acquisitions.
| Issuer: | Endeavour International Corp.
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| Issue: | Convertible senior notes
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| Placement agent: | JPMorgan Securities
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| Amount: | $14.75 million
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| Maturity: | January 2012
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| Coupon: | 6%
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| Price: | Par
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| Yield: | 6%
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| Conversion price: | $5.02
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| Pricing date: | Jan. 13
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| Greenshoe exercised: | Feb. 25
|
| Stock price: | $3.72 at close Jan. 13
|
| Stock price: | $4.24 at close Feb. 25
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