By Kenneth Lim
Boston, Dec. 19 - Canada's PrimeWest Energy Trust on Tuesday priced C$200 million of convertible subordinated unsecured debentures at a coupon of 6.5%.
PrimeWest did not disclose the initial conversion premium and tenor of the convertibles but said a preliminary short-form prospectus will be filed by Dec. 21.
There is an over-allotment option for a further C$30 million.
Toronto-listed PrimeWest is concurrently offering C$149.9 million of its common stock at C$23.35 per common trust unit. The stock offering has an over-allotment option for an additional C$22.77 million.
PrimeWest, a Calgary, Alta.-based oil and gas royalty trust, said the proceeds of the stock and convertible offerings will be used to repay debt that was largely incurred in recent acquisitions of assets in the United States.
| Issuer: | PrimeWest Energy Trust
|
| Issue: | Convertible subordinated unsecured debentures
|
| Amount: | C$200 million
|
| Greenshoe: | C$30 million
|
| Coupon: | 6.5%
|
| Pricing date: | Dec. 19
|
| Settlement date: | Jan. 11
|
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