By Angela McDaniels
Tacoma, Wash., Nov. 9 – TransAtlantic Petroleum Ltd. issued $46.1 million of series A convertible redeemable preferred shares with a 18.6% initial conversion premium, according to a company news release.
Dividends are payable quarterly at an annual rate of 12% if paid in cash or 16% if paid in common shares.
The convertibles were issued at a value of $50.00 each and will be redeemed at par on Nov. 4, 2024.
The company issued 815,000 of the preferreds in exchange for $40.8 million principal amount of its 13% convertible notes due 2017, which were issued in a private placement in 2014, and 106,000 preferreds for cash.
The company will use $4.3 million of the cash proceeds to redeem 13% convertibles, reducing the amount of 13% convertibles outstanding to $10 million. The remainder will be used for general corporate purposes.
The oil and gas company is based in Addison, Texas.
| Issuer: | TransAtlantic Petroleum Ltd.
|
| Issue: | Series A convertible redeemable preferred shares
|
| Amount: | $46.05 million
|
| Shares: | 921,000
|
| Mandatory redemption: | Nov. 4, 2024
|
| Dividend: | 12% if paid in cash or 16% if paid in common shares; payable quarterly
|
| Price: | $50.00
|
| Conversion premium: | 18.6%
|
| Conversion price: | $1.0928
|
| Conversion ratio: | 45.754
|
| Settlement date: | Nov. 4
|
| Stock symbol: | NYSE MKT: TAT
|
| Stock price: | $0.92 at close Nov. 4
|
© 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.
