PetroProd launches NOK 750 million convertible bonds due 2012 with coupon talked at 6.45%-6.95%

By Evan Weinberger

New York, Nov. 16 - PetroProd Ltd. launched NOK 750 million in convertible subordinated bonds due Nov. 26, 2012 with a 6.45% to 6.95% coupon Friday after the market close in Norway.

Pareto Securities ASA and Norsk Tillitsman ASA are joint bookrunners of the Rule 144A transaction.

The convertibles have a conversion price of NOK 15.30.

The convertibles are callable beginning Nov. 26, 2009 if the parity value of the convertibles exceeds a nominal value NOK 750,000 for 20 out of 30 trading days. There is change of control protection.

PetroProd is an Oslo-based oil company focusing on small and medium sized oil fields. The company plans to use the proceeds to finance development of new oil fields and for general corporate purposes.

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