By Sheri Kasprzak
New York, Aug. 10 - Nido Petroleum Ltd. completed a private placement of convertible bonds for US$22 million.
The company issued the 8.5% bonds to Merrill Lynch's corporate principal investments group based in Hong Kong.
The bonds, due August 2011, are initially convertible into common shares at A$0.26 each, a 30% premium to the company's volume weighted average price for the 20 trading days before Aug. 9.
The bonds will be convertible into a maximum of 114,307,091 shares.
Proceeds will be used to for exploration and development of the company's Philippines assets. The rest will be used for working capital.
Based in West Perth, Western Australia, Nido is an oil and natural gas exploration and development company.
| Issuer: | Nido Petroleum Ltd.
|
| Issue: | Convertible bonds
|
| Amount: | US$22 million
|
| Maturity: | August 2011
|
| Coupon: | 8.5%
|
| Price: | Par
|
| Yield: | 8.5%
|
| Conversion price: | A$0.26
|
| Conversion ratio: | Into a maximum of 114,307,091 shares
|
| Warrants: | No
|
| Investor: | Merrill Lynch & Co.
|
| Settlement date: | Aug. 10
|
| Stock symbol: | Australia: NDO
|
| Stock price: | A$0.19 at close Aug. 10
|
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