By Sheri Kasprzak
New York, Dec. 19 - OceanaGold Ltd. has completed a private placement of convertible notes for A$70 million.
Ospraie Advisors LP and Ospraie Management, LLC purchased A$60 million of the seven-year notes, and an affiliate of New Millennium Partners, LP purchased the remaining A$10 million.
The 7% notes are convertible into common shares at A$0.819 each.
Proceeds will be used for the development of the company's Didipio gold-copper project in Northern Luzon in the Philippines.
Separately, OceanaGold received a NZ$45 million non-recourse project debt facility from Commonwealth Bank ANZ and Societe Generale. The company may draw from the facility through Dec. 31, 2007.
Based in Melbourne, Australia, OceanaGold is a gold exploration company.
| Issuer: | OceanaGold Ltd.
|
| Issue: | Convertible notes
|
| Amount: | A$70 million
|
| Maturity: | Seven years
|
| Coupon: | 7%
|
| Price: | Par
|
| Yield: | 7%
|
| Conversion price: | A$0.819
|
| Warrants: | No
|
| Investors: | Ospraie Advisors LP, Ospraie Management, LLC, New Millennium Partners, LP
|
| Settlement date: | Dec. 19
|
| Stock symbol: | Australia: OGD
|
| Stock price: | A$0.69 at close Dec. 19
|
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