By Kenneth Lim
Boston, Oct. 25 - Sound Energy Trust on Wednesday priced C$55 million of five-year convertible subordinated unsecured debentures at a coupon of 6.75% and an initial conversion premium of 15.85%.
The debentures were offered at par and may be converted into Sound Energy Trust common stock at C$8.55 per trust unit.
TD Securities, BMO Capital Markets, Canaccord Capital, FirstEnergy Capital, National Bank Financial and Tristone Capital are the underwriters of the deal, which will be registered in Canada.
Sound Energy is a Calgary, Alta.-based oil and gas income trust. It said the proceeds of the deal will be used to reduce its outstanding debt, which may be redrawn and used to fund development and other general purposes.
| Issuer: | Sound Energy Trust
|
| Issue: | Convertible subordinated unsecured debentures
|
| Underwriter: | TD Securities, BMO Capital Markets, Canaccord Capital, First Energy Capital, National Bank Financial and Tristone Capital
|
| Amount: | C$55 million
|
| Maturity: | Dec. 31, 2011
|
| Coupon: | 6.75%
|
| Price: | Par
|
| Yield: | 6.75%
|
| Conversion premium: | 15.85%
|
| Conversion price: | C$8.55
|
| Conversion ratio: | 116.9591
|
| Pricing date: | Oct. 25
|
| Settlement date: | Nov. 14
|
| Distribution: | Regulation S
|
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