Oceana Gold A$40 million seven-year convertibles talked to yield 5.75%-6.25%, up 31%-36%

By Rebecca Melvin

Princeton, N.J., Dec. 8 - Australia's Oceana Gold Ltd. plans to price a A$40 million offering of seven-year convertibles, according to a company release.

The convertibles, being sold via bookrunner Barclay's Capital, were expected to carry a coupon of between 5.75% and 6.25% with an initial conversion premium of 31% to 36%.

There is a A$10 million greenshoe.

The convertible notes are non-callable for three years and provisionally callable at a 130% trigger thereafter. There is a put at year five.

Proceeds from the offering will be used to fund project development on the South Island of New Zealand.

Pricing was expected to occur on Thursday, with closing set on or about Dec. 22. The bonds were offered to European institutional investors and will be listed on the Singapore Stock Exchange.

Oceana Gold is a gold production and exploration company based Perth, Australia.

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