Petrobank to convert 98% of $250 million convertibles into shares

By Susanna Moon

Chicago, June 16 - Petrobank Energy and Resources Ltd. said holders of $250 million principal amount of its convertible notes agreed to convert $244.9 million principal amount of the notes to common shares.

The amount of notes to be converted to common shares represents 98% of the outstanding notes.

Petrobank said the transaction eliminates $244.9 million of its debt obligations, strengthens its balance sheet and enhances liquidity.

Petrobank is a Calgary, Alta.-based oil and gas exploration and production company.

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