By Rebecca Melvin
New York, May 18 - Transeuro Energy Corp. priced NOK 60 million of three year convertible bonds to yield 12% and with an initial conversion price of NOK 0.85, according to a news release.
The bonds are secured against shares of Transeuro Beaver River Inc., the company subsidiary holding title to 50% of the Beaver River field in British Columbia.
Fondsfinans ASA was the manager of the Regulation S convertibles, which are based on Traneuro's Oslo stock listing.
Transeuro also negotiated a loan agreement for up to C$5 million and a share purchase agreement for up to NOK 100 million.
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.
| Issuer: | Transeuro Energy Corp.
|
| Issue: | Convertible bonds
|
| Amount: | NOK 60 million
|
| Maturity: | 2015
|
| Bookrunner: | Fondsfinans ASA
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Conversion price: | NOK 0.85
|
| Distribution: | Regulation S
|
| Stock price: | NOK 0.67 at close May 18
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
