By Kenneth Lim
Boston, Aug. 2 - Altinex ASA on Tuesday priced an upsized NOK 250 million of three-year convertible subordinated notes with a coupon of 5.75% and an initial conversion premium of 23.1% over its Monday closing stock price.
The size of the deal was originally NOK 200 million, but the company said it increased the amount after the offering was "significantly oversubscribed."
The convertibles have an initial conversion price of NOK 1.60 per share. Altinex stock closed at NOK 1.30 on Monday in Oslo.
Pareto Securities is the bookrunner for the offering.
Altinex, a Norway-based oil and gas exploration and services company, said the proceeds of the offering will be used to fund its future development and gives the company the option to settle in partly or fully in cash the remaining DKK 200 million of its purchase of Danish oil company Denerco Oil.
| Issuer: | Altinex ASA
|
| Issue: | Convertible subordinated notes
|
| Bookrunner: | Pareto Securities
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| Amount: | NOK 250 million
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| Maturity: | Three years
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| Coupon: | 5.75%
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| Price: | Par
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| Yield: | 5.75%
|
| Conversion premium: | 23.1%
|
| Conversion price: | NOK 1.60
|
| Pricing date: | Aug. 1
|
| Settlement date: | Aug. 8
|
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