Transeuro Energy pricing NOK 60 million to NOK 90 million three-year convertibles to yield 12%

By Rebecca Melvin

New York, April 30 - Transeuro Energy Corp. is pricing NOK 60 million to NOK 90 million of three-year convertible bonds to yield 12% and with an initial conversion price of NOK 0.85, according to a syndicate source.

Fondsfinans ASA is the manager of the Regulation S convertibles, which are based on Transeuro's Oslo stock listing.

Transeuro is also negotiating a second funding facility of about C$20 million.

The minimum convertible bond size of NOK 60 million has already been subscribed for a limited number of investors and the company has extended the subscription period until Wednesday.

Proceeds are for general corporate purposes and to ensure the company can develop up to seven of its existing wells in the next 12 months, including three wells in Ukraine and up to four wells in Canada.

Transeuro is an oil and natural gas company based in Vancouver, B.C.

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