By Kenneth Lim
Boston, May 23 - Cambrian Mining plc on Tuesday priced an upsized $27 million three-year convertible unsubordinated unsecured bonds at a coupon of 6.75% and an initial conversion premium of 25% over its volume-weighted average stock price on May 18 and May 19.
The size of the offering was originally $20 million, and each note was offered at par. The convertibles are also redeemable at par.
The initial conversion price is £1.8325.
HVB Corporates and Markets was the bookrunner of the deal, which is distributed outside the United States under Regulation S.
Cambrian, a London-based mining finance company whose stock trades on the Alternative Investment Market, plans to use the proceeds of the offering to invest in its current holdings, to seek new investments and for general corporate purposes.
| Issuer: | Cambrian Mining plc
|
| Issue: | Convertible unsubordinated unsecured bonds
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| Bookrunner: | HVB Corporates and Markets
|
| Amount: | $27 million
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| Maturity: | May 23, 2009
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| Coupon: | 6.75%
|
| Price: | Par
|
| Yield: | 6.75%
|
| Conversion premium: | 25%
|
| Conversion price: | £1.8325
|
| Pricing date: | May 19
|
| Settlement date: | May 23
|
| Distribution: | Regulation S
|
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