By Kenneth Lim
Boston, Feb. 8 - Canada's Sherwood Copper Corp. on Thursday priced C$40 million of five-year convertible senior debentures at a coupon of 5% and an initial conversion premium of 30%.
The debentures were offered at par.
There is an over-allotment option for a further C$6 million.
BMO Capital Markets was the lead underwriter of the Regulation S offering.
The debentures have an initial conversion price of C$6.30 per share. Sherwood Copper common stock closed at C$4.85 on Thursday.
Sherwood, a Vancouver, B.C.-based copper and gold mining company, did not say how it will use the proceeds of the deal.
| Issuer: | Sherwood Copper Corp.
|
| Issue: | Convertible senior debentures
|
| Bookrunner: | BMO Capital Markets
|
| Amount: | C$40 million
|
| Greenshoe: | C$6 million
|
| Maturity: | March 31, 2012
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| Conversion premium: | 30%
|
| Conversion price: | C$6.30
|
| Conversion ratio: | 158.7302
|
| Pricing date: | Feb. 8
|
| Settlement date: | Feb. 28
|
| Distribution: | Regulation S
|
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