By Rebecca Melvin
New York, March 28 - Linc Energy Ltd. sold $200 million of five-year convertible bonds after a one-day bookbuild to yield 7% with an initial conversion premium of 27.5%, according to a news release.
The Regulation S offering has a $50 million increase option. The bonds have been offered to institutional investors primarily in Asia and Europe.
Credit Suisse (Hong Kong) Ltd. was the lead manager for the offering.
Settlement is expected April 10, when the bonds are intended to be listed on the Singapore Exchange Securities Trading Ltd.
The bonds are convertible by holders at any time into ordinary Linc shares at a price of A$3.40 per share, and they are non-callable for two years.
The bonds have a fixed exchange rate of US$1.0463 per A$1.00.
Proceeds will be used to pay down existing debt, provide working capital and support the commercialization of the company's assets.
Linc Energy is a Brisbane, Australia-based energy producer with a commodity portfolio including oil, gas, shale and coal.
| Issuer: | Linc Energy Ltd.
|
| Issue: | Convertible senior bonds
|
| Amount: | $200 million
|
| Greenshoe: | $50 million
|
| Maturity: | 2018
|
| Bookrunner: | Credit Suisse (Hong Kong) Ltd.
|
| Coupon: | 7%
|
| Conversion premium: | 27.5%
|
| Conversion price: | A$3.40
|
| Calls: | Non-callable for two years
|
| Puts: | No puts
|
| Pricing date: | March 27
|
| Settlement date: | April 10
|
| Stock symbol: | Australia: LNC
|
| Stock price: | A$2.67 at close March 27
|
| Distribution: | Regulation S
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
