Nashville, Nov. 17 - Petrohawk Energy Corp. sold $200 million of convertible preferreds at 77.5 that automatically convert into 10 shares of common stock via sole bookrunner Friedman Billings Ramsey.
The Rule 144A issue is expected to automatically convert 20 days after the company mails an information statement to its stockholders relating to the written consent of PHAWK LLC, as the holder of a majority of the company's common stock, to the conversion.
If the conversion has not occurred on or before March 31, 2005, holders will receive quarterly dividends at a rate of 8%.
| Issuer: | Petrohawk Energy Corp.
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| Issue: | Automatically convertible preferred stock
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| Bookrunner: | Friedman Billings Ramsey
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| Amount: | $200 million (2.58 million shares)
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| Maturity: | None
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| Dividend: | 8.0%, only if not converted by March 31, 2005
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| Price: | $77.50 per share
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| Conversion ratio: | 10.0000
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| Pricing date: | Nov. 16
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| Settlement date: | Nov. 23
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| Distribution: | Rule 144A
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