By Evan Weinberger
New York, Oct. 5 - Peter Hambro Mining plc priced an upsized $170 million in 7% gold equivalent exchangeable bonds due Oct. 19, 2012 with an initial conversion premium of 38% to Thursday's closing price of gold in London Friday before market open.
JPMorgan Cazenove is the bookrunner on the Regulation S transaction.
The deal was increased from $150 million. There is also a $10 million greenshoe.
The bonds can be converted into 150,000 Troy ounces of gold beginning Oct. 19, 2009 - the second anniversary of the settlement date - and 20 days prior to the maturity. The bonds can be called at par beginning Oct. 19, 2011 subject to the price of gold reaching $1,500 per Troy ounce in London trading.
The bonds will be listed on the Channel Islands Stock Exchange.
Peter Hambro is a London-based gold mining operation that operates in Russia. The company plans to use the proceeds for development of its Malomir deposit and Yamal assets, the modular enlargement of its processing facilities at Pioneer and to fund the exploration and development of other assets.
Issuer: Peter Hambro Mining plc
Issue: Gold equivalent exchangeable bonds
Amount: $170 million
| Greenshoe: | $10 million
|
| Maturity: | Oct. 19, 2012
|
| Coupon: | 7%
|
| Price: | Par
|
| Yield: | 7%
|
| Conversion premium: | 38%
|
| Conversion ratio: | Beginning Oct. 19, 2009 into 150,000Troy ounces of gold
|
| Call: | Beginning Oct. 19, 2011 subject to the price of gold reaching $1,500 per Troy ounce in London trading
|
| Bookrunner: | JPMorgan Cazenove
|
| Registration: | Regulation S
|
| Settlement date: | Oct. 19
|
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