AED Oil prolongs exchange offer for $71 million 6.5% convertibles

By Jennifer Chiou

New York, Sept. 4 - AED Oil Ltd. said it extended its exchange offer for its $71 million of 6.5% convertible unsecured notes due 2012.

The offer will now end at 11 a.m. ET on Sept. 10 instead of on Sept. 4, and settlement is slated for Sept. 15. It began on Aug. 28.

Holders are invited to exchange all or some of their notes for:

• A combination of 50% cash and 50% new AED shares; or

• A combination of 50% cash and 50% new 9% convertible unsecured notes due July 2012.

AED said it will issue a maximum of $35.5 million of the new notes.

The company said it recently made off-market repurchases of the convertibles, the most recent of which was for $1.25 million of the notes on July 6.

Barclays Bank plc is the dealer manager (65 6308 3175 or +44 20 7773 8300), and Bank of New York Mellon, London Branch is the exchange agent.

The issuer is a Melbourne, Australia-based oil company.

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