Convertibles Calendar

ON THE HORIZON

AMERICAN ORIENTAL BIOENGINEERING INC. (NYSE: AOB): $85 million seven-year convertible senior notes; under Rule 4(2); bookrunner Merrill Lynch; non-callable; $30 million of proceeds to repurchase shares under a prepaid forward share repurchase transaction; remaining proceeds for general corporate purposes; American Oriental withdrew plans to price $125 million of convertible perpetual preferred shares on June 6; China based maker and distributor of pharmaceutical and nutraceutical products.

BLACK HILLS CORP. (NYSE: BKH): mandatory convertible securities; proceeds, along with new equity and unsecured debt, to replace bridge facility; bridge facility will be used to fund the Rapid City, S.D.-based diversified energy company's acquisition of Aquila, Inc.'s electric utility in Colorado and gas utilities in Colorado, Kansas, Nebraska and Iowa, along with the associated liabilities, for $940 million.

CVR ENERGY INC. (NYSE: CVI): $125 million five-year convertible senior notes; greenshoe for $18.75 million; Goldman, Sachs & Co., Citigroup (joint books), Deutsche Bank Securities and Credit Suisse; off shelf; concurrent stock offering of 10 million shares; contingent conversion at 130%; non-callable, no puts; escrow for interest payments to 2011; Sugar Land, Texas-based independent refiner and marketer of high-value transportation fuels will use proceeds for general corporate purposes.

INTERNATIONAL CONVERTIBLES

ON THE HORIZON

INSPIRED GAMING GROUP PLC: £40 million of convertible preference shares; at 50 pence each; subject to shareholder approval being granted at a meeting to be held July 23; underwriter Evolution Securities; proceeds to fund the cash costs of the exit from the Pubs Division, and repay about £10 million of senior debt, with the balance to be used to provide capital to part-fund the roll out of server-based gaming terminals arising from new contracts that the group expects to secure shortly; Burton-on-Trent, England-based gaming company.

PACIFIC ASIA PETROLEUM INC. (OTC Bulletin Board: PFAP): $75 million of redeemable convertible preference shares; Regulation S; proceeds to fund the purchase of participating interests held by ChevronTexaco in four coalbed methane and tight gas sand resource blocks in China; Hartsdale, N.Y.-based oil and gas company with a specific focus on China.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.