Paladin Energy adjusts conversion price for 3.625% and 5% convertibles

By Toni Weeks

San Diego, Oct. 12 - Paladin Energy Ltd. has adjusted the conversion prices for its $325 million of 5% convertible bonds due March 11, 2013 and its $300 million of 3.625% convertible bonds due Nov. 4, 2015, according to a company press release.

The 5% convertibles' conversion price was adjusted to $6.523 from $6.59, and the 3.625% convertibles' conversion price was adjusted to $5.608 from $5.665.

Both adjustments were made in connection with the company's Sept. 29 placement of 56.9 million shares at A$1.20 apiece, which was an 8.4% discount to the last closing share price on ASX. The placement raised about A$68.2 million.

The company said that the conversion prices are subject to adjustment when any new issue of shares is priced at less than 95% of the current market price.

Paladin is a uranium exploration company based in Subiaco, Western Australia.

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