Published on 8/30/2004 in the Prospect News Convertibles Daily.
New Issue: PrimeWest C$150 million converts at 7.5%, up 7.5%; C$100 million at 7.75%, up 7.5%
Nashville, Aug. 30 - PrimeWest Energy Trust sold C$150 million of five-year convertible notes at par to yield 7.5% with a 7.5% initial conversion premium and C$100 million of seven-year convertible notes at par to yield 7.75% with a 7.5% initial conversion premium via lead manager Scotia Capital Inc.
Calgary-based PrimeWest said proceeds were earmarked for the US$625 million acquisition of oil and gas assets from a Calpine Corp. unit, announced in mid-August, and said the offering was subject to the acquisition. PrimeWest also was selling C$300 million of additional units.
Terms of the deal are:
Series I:
| Issuer: | PrimeWest Energy Trust
|
| Issue: | Convertible unsecured subordinated series I debentures
|
| Lead manager: | Scotia Capital Inc.
|
| Co-managers: | CIBC World Markets, RBC Dominion, BMO Nesbitt-Burns, National Bank Financial, TD Securities, Canaccord Capital, HSBC Securities, Desjardins Securities, Dundee Securities, FirstEnergy Capital, GMP Securities, Raymond James, Tristone Capital
|
| Amount: | C$150 million
|
| Maturity: | Sept. 30, 2009
|
| Coupon: | 7.5%
|
| Price: | Par
|
| Yield: | 7.5%
|
| Conversion premium: | 7.5% over C$24.66 unit price
|
| Conversion price: | C$26.50
|
| Conversion ratio: | 37.7358
|
| Call: | Non-callable for 3 years, then at 105
|
| Pricing date: | Aug. 25
|
| Settlement date: | Sept. 2
|
|
|
| Series II:
|
| Issuer: | PrimeWest Energy Trust
|
| Issue: | Convertible unsecured subordinated series II debentures
|
| Lead manager: | Scotia Capital Inc.
|
| Co-managers: | CIBC World Markets, RBC Dominion, BMO Nesbitt-Burns, National Bank Financial, TD Securities, Canaccord Capital, HSBC Securities, Desjardins Securities, Dundee Securities, FirstEnergy Capital, GMP Securities, Raymond James, Tristone Capital
|
| Amount: | C$100 million
|
| Maturity: | Dec. 31, 2011
|
| Coupon: | 7.75%
|
| Price: | Par
|
| Yield: | 7.75%
|
| Conversion premium: | 7.5% over C$24.66 unit price
|
| Conversion price: | C$26.50
|
| Conversion ratio: | 37.7358
|
| Call: | Non-callable for 3.25 years, then at 105
|
| Pricing date: | Aug. 25
|
| Settlement date: | Sept. 2
|
|
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