By Kenneth Lim
Boston, Nov. 30 - Canada's Artumas Group Inc. on Thursday priced $30 million of four-year convertible bonds at a coupon of 10% and an initial conversion premium of 31.2%.
The bonds are convertible into Artumas' Oslo-listed common stock at NOK 53 per share.
ABG Sundal Collier Norge is the lead manager of the Regulation S offering.
The bonds may be mandatorily converted after the first year if the closing price of Artumas common stock exceeds NOK 90 for at least 20 out of 30 consecutive trading days.
Artumas, an electricity producer targeting rural regions in Africa, said the proceeds of the deal will be used to develop the Mnazi Bay gas field and to fund its capital requirements in Mozambique.
| Issuer: | Artumas Group Inc.
|
| Issue: | Convertible bonds
|
| Bookrunner: | ABG Sundal Collier Norge
|
| Amount: | $30 million
|
| Maturity: | Dec. 20, 2010
|
| Coupon: | 10%
|
| Conversion premium: | 31.2%
|
| Conversion price: | NOK 53
|
| Mandatory conversion: | Company may convert bonds after Dec. 20, 2007, subject to hurdle at NOK 90
|
| Pricing date: | Nov. 30
|
| Distribution: | Regulation S
|
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