Paladin Energy accepts tenders for $229.6 million of 4.5% convertibles

By Marisa Wong

Madison, Wis., Nov. 29 - Paladin Energy Ltd. announced that the tender offer to purchase any and all of its $250 million of outstanding 4.5% convertible bonds due 2011, which began on Oct. 27, expired on Nov. 25.

As of 10 a.m. ET on Nov. 15, the early tender deadline, Paladin received tenders totaling $218.4 million. As of 10 a.m. ET on Nov. 25, the expiration deadline, the company received tenders for another $11.2 million of bonds.

Paladin said it has decided to accept all tenders. The accepted bonds total $229.6 million and will be repurchased on Nov. 30.

The company will pay $203,000 for each $200,000 principal amount of notes tendered by the early tender deadline, which includes a $2,000 early tender payment.

Holders who tendered their bonds after the early tender deadline will receive $201,000 per $200,000 of notes.

The company will also pay accrued interest of $4,125 for each $200,000 of notes.

The dealer manager is Barclays Capital Inc.

Paladin is a uranium producer based in Perth, Australia.

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