BPZ to exchange 8.5% convertibles for $26 million 6.5% convertibles

By Angela McDaniels

Tacoma, Wash., April 16 - BPZ Energy, Inc., which trades as BPZ Resources, Inc., will issue $25 million principal amount of 8.5% convertible senior notes due 2017 in exchange for $26 million of its outstanding 6.5% convertible senior notes due March 2015 under a privately negotiated agreement, according to a company news release.

Following this transaction, the company will have $59.9 million principal amount of 6.5% convertibles outstanding and $168.7 million principal amount of 8.5% convertibles outstanding.

BPZ Energy is an oil and gas exploration and production company based in Houston.

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