PetroBakken lowers conversion price on 3.125% notes due to dividend

By Susanna Moon

Chicago, Oct. 12 - PetroBakken Energy Ltd. adjusted the conversion rate on its senior unsecured convertibles due 2016, according to a notice by trustee Norsk Tillitsmann AS.

The conversion price is now $36.27, effective Oct. 1.

The lowered price is due to a monthly dividend of C$0.08 per share from January 2010 until September.

The company priced an upsized $750 million of the six-year convertibles on Jan. 8, 2010 at par to yield 3.125% with an initial conversion premium of 32.5%.

The initial conversion price is US$39.61, or about C$40.80.

Calgary, Alta.-based PetroBakken Energy is a light oil production company.

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