Provident Energy wraps tender offer for series C, D 6.5% convertibles

By Susanna Moon

Chicago, Feb. 22 - Provident Energy Ltd. said it accepted tenders for C$4 million principal amount of its 6.5% convertible debentures due Aug. 31, 2012 (C series) and C$81 million principal amount of its 6.5% convertible debentures due April 30, 2011 (D series).

The tender offer expired at 7 p.m. ET on Feb. 21.

After the completion of the offer, there is outstanding about C$95 million principal amount of the C series notes and about C$69 million principal amount of the D series notes.

As of Jan. 13, C$249 million of the convertibles was outstanding.

The offer was held in connection with the conversion of the issuer, formerly Provident Energy Trust, to a corporation on Jan. 1.

The tender offer price was 101% of par plus accrued interest.

If holders tendered 90% or more of a series of convertibles, the company planned to redeem the remaining convertibles of that series after completion of the tender offer.

The debentures are convertible into a number of Provident Energy shares equal to the number of trust units that they were convertible into before the corporate conversion.

The conversion price is C$11.56 for the series C convertibles and C$12.40 for the series D convertibles. The company's common stock closed at C$8.15 (Toronto: PVE) on Jan. 13.

The company said the series C convertibles closed at 101.50 on Jan. 13 and the series D convertibles closed at 101.01.

Calgary, Alta.-based Provident Energy owns and manages a natural gas liquids midstream business.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.