Offering sells 6.5% convertibles to lone investor Whitebox Advisors
By Devika Patel
Knoxville, Tenn., March 14 - Endeavour International Corp. settled a $5 million tranche of a $17.5 million private placement of 6.5% convertible notes with Whitebox Advisors LLC on March 7, according to an 8-K filed Friday with the Securities and Exchange Commission. The deal raised $12.5 million on March 3 and priced on Feb. 28.
The conversion rate for the notes is initially 214.5002 common shares per $1,000 of notes, which is equal to an initial conversion price of about $4.662 per share. The conversion price is a 7.5% discount to the Feb. 27 closing share price of $5.04.
Endeavour is an oil and gas exploration company based in Houston.
| Issuer: | Endeavour International Corp.
|
| Issue: | Convertible notes
|
| Amount: | $17.5 million
|
| Coupon: | 6.5%
|
| Conversion price: | $4.662 (approximate)
|
| Conversion rate: | 214.5002 shares per $1,000 of notes
|
| Warrants: | No
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| Investor: | Whitebox Advisors LLC
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| Pricing date: | Feb. 28
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| Settlement dates: | March 3 (for $12.5 million), March 7 (for $5 million)
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| Stock symbol: | NYSE: END
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| Stock price: | $5.04 at close Feb. 27
|
| Market capitalization: | $161.04 million
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