By Sheri Kasprzak
Atlanta, March 1 - Endeavour International Corp. said the $16.25 million over-allotment option was exercised on its private placement of convertible senior notes, lifting the amount of the issue to $81.25 million.
The 6% notes due January 2012 are convertible into a total of 199.2032 shares for every $1,000 principal amount of notes. The conversion price equals $5.02 per share.
JPMorgan Securities was the placement agent.
Endeavour, a Houston-based oil and gas company, said proceeds would be used to fund expenditures for oil and gas properties, for working capital and for general corporate purposes, which may include acquisitions.
| Issuer: | Endeavour International Corp.
|
| Issue: | Convertible senior notes
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| Amount: | $81.25 million (includes greenshoe for $16.25 million)
|
| Maturity: | January 2012
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| Coupon: | 6%
|
| Price: | Par
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| Yield: | 6%
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| Conversion price: | $5.02
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| Conversion ratio: | 199.2032 shares for every $1,000 in principal
|
| Pricing date: | Jan. 13
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| Greenshoe exercised: | March 1
|
| Placement agent: | JPMorgan Securities
|
| Stock price: | $3.72 at close Jan. 13
|
| Stock price: | $4.02 at close March 1
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