Convertibles Calendar

International Calendar

May 1

DRILLSEARCH ENERGY LTD.: (Australia: DLS): $100 million of five-year convertible notes; pricing via subsidiary Drillsearch (Finance) Pty Ltd.; pricing seen Wednesday; talked at a 5%-6% coupon, up 35%; initial conversion price was set at $1.66; Regulation S deal; $25 million greenshoe; bookrunner Goldman Sachs with UBS AG Australia branch acting as co-manager; non-callable for one year, then provisionally callable for two years if shares reach 175% of the conversion price; after that callable at a price hurdle of 130%; takeover and dividend protection; proceeds will be used to repay a A$100 million debt facility provided by the Commonwealth Bank of Australia to fund the acquisition of Acer Energy Ltd. and for general corporate purposes; Sydney, Australia-based oil and gas E&P company.

ON THE HORIZON

ASIA CEMENT CORP. (Taiwan: 1102): less than $300 million of euro convertible bonds; tentatively set 0% coupon and five-year maturity; proceeds to repay loans, to purchase overseas raw materials and for operating capital; Taipei, Taiwan, cement producer.

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