By Laura Lutz
Des Moines, May 18 - Mission Biofuels Ltd. shareholders approved an upsized private placement of secured convertible notes for A$65 million.
Tiger Global Investment Partners III, LP is the investor.
The placement was announced on April 2 as a A$50 million offering.
Each 4% note has a par value of A$1.30, a 21% premium to the 90-day volume weighted average price of the company's shares, and is convertible into one share.
The notes mature in five years.
Based in Perth, Australia, Mission is developing a biodiesel plant in Malaysia.
| Issuer: | Mission Biofuels Ltd.
|
| Issue: | Secured convertible notes
|
| Amount: | A$50 million
|
| Maturity: | Five years
|
| Coupon: | 4%
|
| Price: | Par of A$1.30
|
| Yield: | 4%
|
| Conversion ratio: | One share per note
|
| Investor: | Tiger Global Investment Partners III, LP
|
| Pricing date: | April 2
|
| Settlement date: | May 18
|
| Stock symbol | Australia: MBT
|
| Stock price: | A$1.44 at close April 2
|
| Stock price: | A$1.635 at close May 17
|
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