New York, April 5 - Oxiana Ltd. priced an upsized $90 million of convertible senior subordinated bonds due 2012 to yield 5.25% with a 34% initial conversion premium.
The deal was increased from a planned size of $75 million but price close to the cheap end of talk, which had put the coupon at 4.75% to 5.25% and the initial conversion premium at 33% to 40%.
The offering priced after the London close Tuesday.
Citigroup Global Markets Australia Pty. Ltd. was bookrunner for the offering, which was sold to institutional investors outside the United States, Canada and Japan.
The deal has a $15 million greenshoe.
After four years, Oxiana will be able to call the bonds, subject to a 130% hurdle.
Oxiana will use proceeds for development at its Prominent Hill copper and gold mine in South Australia, for other exploration activities, to repay debt and for general corporate purposes.
Oxiana is a Melbourne, Australia-based mining company.
| Issuer: | Oxiana Ltd.
|
| Issue: | Convertible senior subordinated bonds
|
| Amount: | $90 million
|
| Greenshoe: | $15 million
|
| Maturity: | 2012
|
| Coupon: | 5.25%
|
| Conversion premium: | 34%
|
| Conversion price: | $1.005
|
| Call: | After four years, subject to 130% hurdle
|
| Bookrunner: | Citigroup Global Markets Australia Pty. Ltd.
|
| Pricing date: | April 5, after close
|
| Settlement: | April 15
|
| Distribution: | Regulation S
|
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