PetroBakken holders opt to put $293.4 million of 3.125% convertibles

By Susanna Moon

Chicago, Dec. 28 - PetroBakken Energy Ltd. said that holders exercised the put option on $293.4 million principal amount of its 3.125% senior convertible bonds due in February 2016.

The repurchase date will be Feb. 8, 2013, and the company elected to repay the bonds in cash and expects to fund the repurchase from its $1.4 billion credit facility, according to a press release.

After settlement, there will be $6.6 million of the bonds outstanding.

The company said on Oct. 16 that it adjusted the conversion price on the convertibles to $33.4927.

Calgary, Alta.-based PetroBakken Energy is a light oil production company.

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