New York, Dec. 13 - Bonavista Energy Trust said it sold C$135 million of convertible subordinated debentures.
The securities were priced with a 6.75% coupon and convert into trust units at C$29.00.
Proceeds will be used along with an issuance of subscription receipts for trust units and bank debt to finance Bonavista's acquisition of natural gas properties in northeastern British Columbia.
The convertibles have an initial maturity of Jan. 31, 2005, which is automatically extended to June 30, 2010 if the acquisition closes.
TD Securities Inc. and CIBC World Markets Inc. were lead managers for the bought deal financing, which was not registered for sale in the United States. The syndicate also included BMO Nesbitt Burns Inc., RBC Capital Markets, Scotia Capital Inc., FirstEnergy Capital Corp., National Bank Financial Inc., Peters & Co. Ltd. and Raymond James Ltd.
Bonavista is a Calgary, Alta., energy trust.
| Issuer: | Bonavista Energy Trust
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| Issue: | Convertible extendible unsecured subordinated debentures
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| Amount: | C$135 million
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| Maturity: | June 30, 2010 (initial maturity Jan. 31, 2005, automatically extended if acquisition closes)
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| Coupon: | 6.75%
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| Conversion price: | C$29.00
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| Lead managers: | TD Securities Inc., CIBC World Markets Inc.
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