Endeavour plans to sell $50 million of convertibles

Nashville, Jan. 11 - Endeavour International Corp. announced Tuesday that it plans to sell $50 million of seven-year convertible notes in a private placement.

The senior notes will be non-callable for five years. Holders will have takeover protection, the company said.

There is a $10 million greenshoe available.

Houston based Endeavour, an independent 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.

Endeavour shares closed Tuesday up 19 cents on the day, or 5%, at $3.99.

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