PDC Energy greenshoe exercised, lifts convertibles to $115 million

By Melissa Kory

Cleveland, Nov. 23 - PDC Energy's underwriters exercised their $15 million over-allotment option in full for the 3.25% convertible senior notes due 2016, lifting the closed offering to $115 million.

The $100 million of 5.5-year convertibles were priced after the market close on Nov. 17 at par to yield 3.25% with an initial conversion premium of 32.5%.

The notes will be convertible during specified periods prior to Nov. 15, 2015 and, thereafter, at any time at a conversion price of $42.40 per share.

The offering's $111.2 million proceeds will be used to repay borrowings under the company's credit facility used to fund the acquisition of additional assets in the Wolfberry Trend in the Permian Basin of West Texas that closed on Friday.

Denver-based PDC is an oil and natural gas exploration, development and marketing company.

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