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Prospect News home > News index > List of issuers T > Headlines for Tenders 2009 > News item |
AED Oil launches exchange for remaining $71 million 6.5% convertibles
By Jennifer Chiou
New York, Aug. 28 - AED Oil Ltd. said it began an exchange offer for its $71 million of 6.5% convertible unsecured notes due 2012.
Holders are invited to exchange all or some of their notes for:
• A combination of 50% cash and 50% new AED shares; or
• A combination of 50% cash and 50% new 9% convertible unsecured notes due July 2012.
The offer will end on Sept. 4, and settlement is slated for Sept. 10.
AED said it will issue a maximum of $35.5 million of the new notes.
The company said it recently made off-market repurchases of the convertibles, the most recent of which was for $1.25 million of the notes on July 6.
Barclays Bank plc is the dealer manager (65 6308 3175 or +44 20 7773 8300), and Bank of New York Mellon, London Branch is the exchange agent.
The issuer is a Melbourne, Australia-based oil company.
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