By Laura Lutz
Des Moines, April 12 - Victoria Oil & Gas plc announced a private placement of secured guaranteed convertible bonds due 2009 for £7.25 million.
The bonds were sold on the same terms as £11.5 million of bonds that were issued on Oct. 17, 2006.
The bonds bear interest at 2.5% annually until April 17, 2007 and at 6.25% thereafter.
The conversion price of the bonds was not announced, but it was determined in October based on a 4% premium to the price of the company shares in October 2006.
Proceeds will be used for exploration and development on the company's programs in Russia and Kazakhstan.
Jefferies International Ltd. acted as agent.
Victoria, based in London, is an oil and natural gas exploration company.
Issuer: | Victoria Oil & Gas plc
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Issue: | Secured guaranteed convertible bonds
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Amount: | £7.25 million
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Maturity: | 2009
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Coupon: | 2.5% until April 17, 2007; 6.25% thereafter
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Warrants: | No
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Placement agent: | Jefferies International Ltd.
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Announcement date: | April 12
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Stock symbol: | London: VOG
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Stock price: | 51.75p at close April 12
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