PetroBakken tenders for 3.125% convertibles by modified Dutch auction

By Susanna Moon

Chicago, Jan. 18 - PetroBakken Energy Ltd. said it began a modified Dutch auction tender offer for its 3.125% senior unsecured convertible bonds.

The purchase price for the bonds will be $95,000 to $100,000 for each $100,000 principal amount, with the final price to be set based on a modified Dutch auction.

The offer is in connection with the company's proposed issuance of $750 million senior notes, which will be made for existing bonds with a total principal amount of up to $450 million, according to a company press release.

The offer will end at noon ET on Jan. 23.

ABG Sundal Collier Norge ASA is the manager for the offer.

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

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