By Rebecca Melvin
New York, May 18 - Anderson Energy Ltd. priced C$40 million of six-year convertible debentures at par in a bought deal to yield 7.25%, according to a news release.
There is a C$6 million greenshoe.
The Regulation S offering is being made through a syndicate of underwriters led by BMO Capital Markets and RBC Capital Markets.
The debentures, which mature June 30, 2017, will be convertible at a conversion price of C$1.70 per common share.
The securities are non-callable until June 30, 2014 and then are provisionally callable for two years at 125% of conversion.
Proceeds will be used to repay debt and for general corporate purposes.
The offering is expected to close June 8.
Based in Calgary, Alta., Anderson is an oil and natural gas exploration and development company.
| Issuer: | Anderson Energy Ltd.
|
| Issue: | Convertible debentures
|
| Amount: | C$40 million
|
| Greenshoe: | C$6 million
|
| Maturity: | June 30, 2017
|
| Underwriters: | Syndicate led by BMO Capital Markets and RBC Capital Markets
|
| Coupon: | 7.25%
|
| Price: | Par
|
| Yield: | 7.25%
|
| Conversion price: | C$1.70
|
| Call: | Non-callable until June. 30, 2014 and then provisionally callable subject to a 125% price hurdle
|
| Pricing date: | May 18
|
| Settlement date: | June 8
|
| Distribution: | Regulation S
|
| Stock symbol: | Toronto: AXL
|
| Stock reference price: | C$0.97
|
| Market capitalization: | C$167.37 million
|
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