By Rebecca Melvin
Princeton, N.J., Dec. 8 - Canada's BlackRock Ventures Inc. priced C$100 million of seven-year convertibles at par to yield 3.5% with an initial conversion premium of 32%, according to a company release.
Bookrunners of the bought deal are RBC Capital Markets and GMP Securities LP.
Proceeds from the offering will be used to the fund commercial development of the Orion SAGD oil sands project at Hilda Lake, exploration and development activities and for general corporate purposes.
The debentures will be offered in each of the provinces of Canada by way of short form prospectus and under Rule 144A in the United States.
Calgary, Alta.-based BlackRock is an oil company active in the exploration, development and production of heavy oil in western Canada.
| Issuer: | BlackRock Ventures Inc.
|
| Issue: | Subordinated convertible debentures
|
| Bookrunners: | RBC Capital Markets and GMP Securities
|
| Amount: | C$100 million
|
| Maturity: | Dec. 31, 2012
|
| Coupon: | 3.5%
|
| Price: | Par
|
| Yield: | 3.5%
|
| Conversion premium: | 32%
|
| Conversion price: | C$15
|
| Conversion ratio: | 66.666
|
| Pricing date: | Dec. 8
|
| Settlement: | Dec. 30
|
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