By Devika Patel
Knoxville, Tenn., Feb. 29 - TXCO Resources Inc. said it plans to raise $20 million in a private placement of series E convertible preferred stock.
The company will sell 20,000 shares at $1,000 apiece.
The shares are convertible into common shares at $17.36 per share and carry a 6% coupon.
Lazard Freres & Co. LLC is the agent. Settlement is expected on March 4.
Proceeds will be used for the company's drilling program, repayment of debt, working capital and general corporate purposes.
TXCO is an oil and gas company based in San Antonio.
| Issuer: | TXCO Resources Inc.
|
| Issue: | Series E convertible redeemable preferred stock
|
| Amount: | $20 million
|
| Shares: | 20,000
|
| Price: | $1,000
|
| Coupon: | 6%
|
| Conversion price: | $17.36
|
| Warrants: | No
|
| Agent: | Lazard Freres & Co. LLC
|
| Pricing date: | Feb. 29
|
| Settlement date: | March 4
|
| Stock symbol: | Nasdaq: TXCO
|
| Stock price: | $14.47 at close Feb. 28
|
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