True Energy Trust over-allotment option exercised in full, lifting convertibles offering to C$86.25 million

By Jennifer Chiou

New York, June 15 - True Energy Trust said its greenshoe was exercised in full, augmenting its C$75 million offering of five-year convertible unsecured subordinated debentures to C$86.25 million.

On May 26, the company amended the offering to grant underwriters an over-allotment option of up to an additional 15%, exercisable in whole or in part.

The company originally priced the debentures on May 25 at a coupon of 7.5% and an initial conversion premium of 8.11% over its last traded price.

The debentures were offered at par with an initial conversion price of C$16.00 per trust.

The offering is being made by a syndicate of underwriters led by CIBC World Markets Inc.

True Energy is a Calgary, Alta.-based oil and gas trust with a portfolio of multi-year drilling locations in Alberta, Saskatchewan and British Columbia.

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