InterOil to price $61 million five-year convertible bonds to yield 2.75%-3.25%, up 22.5%-27.5%

By Rebecca Melvin

New York, Nov. 4 - InterOil Corp. plans to price $61 million of five-year convertible bonds before the market open Friday that were talked to yield 2.75% to 3.25% with an initial conversion premium of 22.5% to 27.5%, according to a syndicate source.

InterOil will also sell an offering of common shares along with the convertibles for total proceeds of $280 million.

There is a $9 million greenshoe on the registered, off-the-shelf offering of convertible senior notes, which are being sold via bookrunner Morgan Stanley & Co.

Morgan Stanley and Macquarie Capital (USA) Inc. will act as joint bookrunners on the common stock offering.

InterOil plans to use proceeds for a proposed condensate stripping plant, liquefied natural gas plant and other exploration and development in Papua New Guinea.

InterOil is an Oslo, Norway-based energy exploration and production company.

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