By Angela McDaniels
Tacoma, Wash., Jan. 5 - PA Resources AB said it raised 1.16 billion Swedish kronor through the issue of 11% convertible bonds due Jan. 15, 2014.
The bonds have a notional amount of 16 kronor each and are convertible during September of each year. The conversion price is 16 kronor per share.
The convertibles were issued through a rights issue that began on Dec. 15 and ended on Friday.
The company said preliminary results show that the rights issue was fully subscribed. The final results will be announced on or around Thursday, according to a company news release.
The company announced plans for the convertibles on Dec. 4 and said that about 59% of the issue amount was covered either through subscription commitments or guarantees from a consortium of existing shareholders as well as other investors.
Shareholders were given the option to subscribe for the convertibles using preferential rights, with each share held entitling the holder to one subscription right.
Two subscription rights were required to subscribe for one convertible with a nominal amount of 16 kronor.
PA Resources is an oil and gas company based in Stockholm
| Issuer: | PA Resources AB
|
| Issue: | Convertible bonds
|
| Amount: | 1.16 billion Swedish kronor
|
| Maturity: | Jan. 15, 2014
|
| Coupon: | 11%, payable annually
|
| Price: | Par of 16 kronor
|
| Conversion price: | 16 kronor
|
| Pricing date: | Jan. 5
|
| Issue date: | Jan. 15
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
