By Kenneth Lim
Boston, Oct. 5 - Fairborne Energy Trust on Thursday priced C$87.5 million of five-year convertible subordinated unsecured debentures at a coupon of 6.5% and an initial conversion premium of 16.3%.
The convertibles were offered at par and have an initial conversion price of C$13.50 per share.
There is an over-allotment option for a further C$12.5 million.
RBC Capital Markets was the lead manager of the Regulation S issue.
Fairborne is Calgary, Alta.-based oil and gas income trust. It did not say how it will use the proceeds of the deal.
| Issuer: | Fairborne Energy Trust
|
| Issue: | Convertible subordinated unsecured debentures
|
| Lead manager: | RBC Capital Markets
|
| Amount: | C$87.5 million
|
| Greenshoe: | C$12.5 million
|
| Maturity: | Dec. 31, 2011
|
| Coupon: | 6.5%
|
| Price: | Par
|
| Yield: | 6.5%
|
| Conversion premium: | 16.3%
|
| Conversion price: | C$13.50
|
| Conversion ratio: | 74.0741
|
| Pricing date: | Oct. 5
|
| Distribution: | Regulation S
|
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