By Rebecca Melvin
New York, March 15 - BPZ Resources Inc., formerly known as BPZ Energy Inc., priced $10 million of five-year convertibles at par with a coupon of 6.5% and an initial conversion premium of 20%, according to a news release Monday.
The Rule 144A offering was made in addition to BPZ's $140 million of 6.5% convertibles due 2015 issued Feb. 2. The new notes have the same terms as and form a single series with the original 6.5% convertible unsecured senior notes.
The add-on was made so that the International Finance Corp., which had rights to the offering, could participate.
The notes will be convertible at an initial conversion rate of 148.38 shares per $1,000 principal amount of notes, representing an initial conversion price of about $6.74 per share.
Net proceeds are for general corporate purposes, including capital expenditures and working capital, for reduction or refinancing of debt or for other corporate obligations.
Houston-based BPZ is an oil and natural gas exploration company.
| Issuer: | BPZ Resources Inc.
|
| Issue: | Convertible senior notes
|
| Amount: | $10 million
|
| Maturity: | March 1, 2015
|
| Bookrunner: | Raymond James & Associates
|
| Coupon: | 6.5%
|
| Price: | Par, $1,000
|
| Yield: | 6.5%
|
| Conversion premium: | 20%
|
| Conversion price: | $6.74
|
| Conversion ratio: | 148.38 shares
|
| Pricing date: | March 15
|
| Distribution: | Rule 144A
|
| Stock symbol: | NYSE: BPZ
|
| Stock reference price: | $6.24
|
| Market capitalization: | $706.59 million
|
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