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GMX launches $100 million convertible senior notes due 2013; coupon talked at 4.5%-5%, up 37.5%-42.5%
By Evan Weinberger
New York, Feb. 5 - GMX Resources Inc. launched $100 million in convertible senior notes due 2013. The convertibles are talked at a 4.5% to 5% initial conversion premium and a 37.5% to 42.5% initial conversion premium.
Jefferies & Co. is the bookrunner on the Rule 144A transaction.
There is a $15 million over-allotment option.
GMX Resources is an Oklahoma City-based oil driller. The company plans to use the proceeds to repay debt under its bank credit facility.
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