Paladin Energy tenders for any and all $250 million convertible bonds

By Jennifer Chiou

New York, Oct. 26 - Paladin Energy Ltd. announced the launch of a tender offer for any and all of its $250 million of convertible bonds due December 2011.

There is a minimum tender amount of $200,000.

Paladin said it will pay $203,000 for each $200,000 principal amount of notes tendered prior to 10 a.m. ET on Nov. 15, including a $2,000 early tender payment. The company will also pay accrued interest, which is expected to amount to $4,125 for each $200,000 of notes.

Settlement for the tender is anticipated for Nov. 30.

The dealer manager is Barclays Capital Inc.

The Perth, Western Australia, uranium producer said it will use proceeds from its offering of up to $300 million of senior unsecured convertible bonds due 2015 to fund the tender. The new issue is expected to settle on Nov. 4.

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