Toreador buys back all 8%/7% convertibles in connection with merger

By Angela McDaniels

Tacoma, Wash., Feb. 22 - Toreador Resources Corp. repurchased its $31.6 million of outstanding 8%/7% convertible senior notes due 2025 at par plus accrued interest, according to an 8-K filing with the Securities and Exchange Commission.

The company repurchased the notes on Feb. 21 under an agreement reached on Feb. 10.

On Feb. 21, Paris-based Toreador Resources and Houston-based ZaZa Energy, LLC combined to form ZaZa Energy Corp., an oil and gas exploration and production company based in Houston.

Proceeds from a private placement of notes and warrants were used to fund the repurchase of the convertibles. ZaZa Energy placed $100 million of 8% senior secured notes due Feb. 21, 2017 with MSDC ZEC Investments, LLC and Senator Sidecar Master Fund LP.

Proceeds were also used to pay fees and expenses related to the merger. The remaining proceeds will be used for general capital purposes.

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