By Evan Weinberger
New York, Nov. 15 - First Calgary Petroleums Ltd. priced $267 million in 9% unsecured convertible bonds due Nov. 28, 2012 with an initial conversion premium of 15% after the close Wednesday.
Canaccord Adams Ltd. and JPMorgan are joint bookrunners of the Regulation S transaction. The convertibles priced at par. The settlement date is Nov. 28
The convertibles have a conversion price of $4.20.
First Calgary is a Calgary, Alta.-based oil and gas drilling company. It plans to use the proceeds to develop its Algerian operations and for general corporate purposes.
Issuer: First Calgary Petroleums Ltd.
Issue: Unsecured convertible bonds
Amount: $267 million
Maturity: Nov. 28, 2012
Coupon: 9%
Price: Par
Yield: 9%
| Initial conversion premium: | 15%
|
| Conversion price: | $4.20
|
| Bookrunners: | Canaccord Adams Ltd. and JPMorgan
|
| Distribution: | Regulation S
|
| Pricing date: | Nov. 14
|
| Settlement date: | Nov. 28
|
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