Paladin extends revocation deadline for 5% convertibles tender offer

By Toni Weeks

San Diego, May 16 - Paladin Energy Ltd. said it has extended the deadline for the revocation of tenders in the company's tender offer for up to $200 million of its $325 million of 5% convertible bonds due in March 2013.

The company pushed out the revocation deadline to 7 a.m. ET on May 18 from 7 a.m. ET on May 8 after releasing its financial report on Wednesday for the nine months ended March 31.

As previously reported, Paladin will pay $198,000 for each $200,000 nominal amount of notes accepted under the tender offer.

Holders who tendered by the early tender deadline of 7 a.m. ET on May 8 also received a premium of $2,000 per $200,000 of notes.

The company also will pay accrued interest of about $2,166.67 for each $200,000 of notes to but excluding the settlement date of May 29.

The offer will end at 10 a.m. ET on May 22.

Funding for the offer will come from the issue of $225 million, with the option to upsize to about $275 million, of senior convertible bonds due 2017.

The tender offer is conditioned on the issue of enough convertibles to fund the offer.

The 5% convertibles are listed on the Singapore exchange.

Barclays Bank plc is the dealer manager for the tender offer.

Proceeds of the issue also will be used to strengthen the company's balance sheet and pursue future growth opportunities.

Paladin is a uranium exploration company based in Subiaco, Australia.

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