PrimeWest to buy back 6.5% convertible debentures

By Jennifer Chiou

New York, Feb. 1 - TAQA North Ltd. said that its indirect, wholly owned subsidiary, PrimeWest Energy Trust, will offer to purchase all of its 6.5% convertible unsecured subordinated series III debentures for 101% plus accrued interest.

The debentures remain convertible for a cash payment equal to C$1,019.05 for each C$1,000 principal amount, plus accrued interest.

In addition, TAQA said it intends to solicit consent to amendments to the debenture trust indenture relating to PrimeWest's redemption rights. The company needs consents from holders of two-thirds of the securities.

Scotia Capital is the soliciting dealer manager.

On Jan. 16, PrimeWest provided notice to Computershare Trust Co. of Canada, the trustee of the debentures, that it intends to redeem all of its series I and series II debentures on Feb. 20. Holders of the securities will receive a payment of C$1,050 per C$1,000 principal amount plus accrued interest.

On Jan. 17, PrimeWest Energy Trust was acquired by TAQA and 1350849 Alberta Ltd., both wholly owned subsidiaries of the Abu Dhabi National Energy Co. PJSC in a plan of arrangement first announced in September.

PrimeWest is a Calgary, Alta., oil and gas royalty trust. TAQA is an energy investment company based in the United Arab Emirates. TAQA North is an oil and gas exploration company located in Calgary.

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