By Rebecca Melvin
Princeton, N.J., Dec. 22 - Australia's Oceana Gold Ltd. priced A$45 million seven-year convertibles at par to yield 5.75% with an initial conversion premium of 40%, according to a prospectus.
The convertibles, sold via bookrunner Barclays Capital, priced at the rich end of talk, that called for a coupon of 5.75% and 6.25%, and beyond the rich end of talk for an initial conversion premium of 31% to 36%.
The deal was A$5 million more than initially expected, and the expected greenshoe of A$10 million remains unchanged.
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.
The bonds will be listed on the Singapore Stock Exchange.
Oceana Gold is a gold production and exploration company based Perth, Australia.
| Issuer: | Oceana Gold Ltd.
|
| Issue: | Convertible notes
|
| Bookrunner: | Barclays Capital
|
| Amount: | A$45 million
|
| Greenshoe: | A$10 million
|
| Maturity: | Dec. 22, 2012
|
| Coupon: | 5.75%
|
| Price: | Par
|
| Yield: | 5.75%
|
| Conversion premium: | 40%
|
| Conversion price: | A$0.8487
|
| Calls: | Non-callable for three years and provisionally callable thereafter at 130% trigger
|
| Puts: | In year five
|
| Pricing date: | Dec. 22
|
|
|
© 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.
