By Rebecca Melvin
Princeton, N.J., July 1 - Peter Hambro Mining plc said it priced $100 million of 7.125% convertible bonds due 2010 with an initial conversion premium of 17%.
The five-year bonds, which have a $15 million greenshoe, priced at par, the U.K.-based gold mining company said.
JPMorgan Cazenove is acting as the bookrunner of the Regulation S offering, which was sold through the company's Peter Hambro Mining Group Finance Ltd. subsidiary.
The company intends to use the net proceeds for the expansion of the Pokrovskiy mine, the development of the Pioneer deposit and to fund the exploration and development of a number of other assets within the group's portfolio.
It is expected that proceeds will help the company meet its 2009 production target of 1 million ounces.
Issuer: Peter Hambro Mining Group Finance Ltd. (Peter Hambro Mining plc)
| Issue: | Convertible bonds
|
| Amount: | $100 million
|
| Greenshoe: | $15 million
|
| Maturity: | Aug. 1, 2010
|
| Coupon: | 7.125%
|
| Price: | Par
|
| Yield: | 7.125%
|
| Conversion premium: | 17%
|
| Conversion price: | 756p
|
| Bookrunner: | JPMorgan Cazenove
|
| Pricing date: | June 30
|
| Settlement: | Aug. 11
|
| Distribution: | Regulation S
|
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