Endeavour International revises terms of 11.5% convertibles due 2014

Deal extends maturity by two years, extends put right by four years

By Devika Patel

Knoxville, Tenn., March 14 - Endeavour International Corp. amended the terms of its 11.5% convertible bonds due 2014 on March 11, according to an 8-K filed Monday with the Securities and Exchange Commission.

Under the agreement, the bonds' maturity date was extended two years to Jan. 24, 2016, from Jan. 24, 2014. The company also extended the holder's conditional put right, and conversion price reset if the put right is not exercised, to Jan. 24, 2016, from Jan. 24, 2012. Also, the interest rate will be lowered to 7.5% per annum from 11.5% per annum as of March 31, 2014.

Endeavour is an oil and gas exploration company based in Houston.

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