Petropavlovsk greenshoe exercised, convertibles lifted to $380 million

By Marisa Wong

Milwaukee, Feb. 4 - Petropavlovsk plc announced that the underwriter of its recent offering of convertible bonds due 2015, J.P. Morgan Cazenove, has exercised the $50 million over-allotment option in full, increasing the size of the offering to $380 million.

Petropavlovsk priced an upsized $330 million of five-year convertibles on Jan. 22 to yield 4% with an initial conversion premium of 32.5%.

The Regulation S offering was led by bookrunner J.P. Morgan Cazenove, with Citigroup Global Markets as joint lead manager.

Canaccord Adams, ING, Liberum Capital, Raiffeisen Centrobank, SG Corporate & Investment Banking and UniCredit Group were the co-managers.

Settlement is expected on or around Feb. 18.

Petropavlovsk, formerly Peter Hambro Mining plc, is a London-based gold mining company that operates in Russia.

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