By Sheri Kasprzak
New York, April 7 - Sydney Gas Ltd. said it intends to raise A$15.6 million from a private placement of convertible notes and also plans to conduct a A$34.4 million non-renounceable rights offering.
The three-year notes bear interest at 10.5% annually and are convertible into common shares at A$0.425 each.
Babcock & Brown Securities Pty. Ltd. is the placement agent. The notes will be offered to institutional investors.
Under the terms of the rights offer, existing shareholders will receive one share for every 2.43 shares current held at A$0.30 each.
Located in Sydney, Australia, Sydney Gas is a coal seam gas developer.
| Issuer: | Sydney Gas Ltd.
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| Issue: | Convertible notes
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| Amount: | A$15.6 million
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| Maturity: | Three years
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| Coupon: | 10.5%
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| Price: | Par
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| Yield: | 10.5%
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| Conversion price: | A$0.425
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| Placement agent: | Babcock & Brown Securities Pty. Ltd.
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| Pricing date: | April 7
|
| Stock symbol: | Australia: SGL
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| Stock price: | A$0.375 at close April 7
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