Cobalt International greenshoe exercised, lifts sale to $1.38 billion

By Tali David

Minneapolis, Dec. 12 - Underwriters for Cobalt International Energy, Inc.'s 2.625% convertible senior note offering exercised their over-allotment option in full for $180 million, increasing the size of the issue to $1.38 billion, according to a press release.

The company priced $1.2 billion of the seven-year convertibles on Dec. 12.

The deal was sold via bookrunners Morgan Stanley & Co. LLC and Goldman Sachs & Co.

Wells Fargo Securities, RBC Capital Markets, B&T Capital markets, Ladenburg Thalmann & Co. Inc. and JMP Securities are the underwriters.

Proceeds from the offering will be used to fund Cobalt's capital expenditures and for general corporate purposes.

Houston-based Cobalt is an independent oil exploration and development company focused on deepwater U.S. Gulf of Mexico and offshore Angola and Gabon in West Africa.

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