By Rebecca Melvin
New York, July 19 – Technology Enhanced Oil plc has priced a $25 million add-on to its 6% six-year mandatory convertible bonds. The new tranche will be consolidated to form a single series with the company’s $6.02 million of mandatory bonds issued Jan. 15 and $1.85 million of mandatory bonds issued April 15, according to an offering circular.
The total issue size will be $32.87 million after the official Aug. 25 consolidation date.
The new mandatory convertibles were issued at par, and approval in principle has been received for listing the new bonds on the Singapore Exchange Securities Trading Ltd.
The initial conversion price of the Regulation S bonds is $164.35, as of the issue date of July 15. The bonds are being priced prior to an initial public offering of shares and mature Jan. 15, 2022.
Proceeds are intended to fund the issuer’s investments in assets in the North American Conventional Oil Fields sector as well as to cover the operative costs of the issuer.
U.K.-based TEO plc invests in a portfolio of assets in mature conventional oil fields leveraged by field proven advanced technologies.
| Issuer: | Technology Enhanced Oil plc
|
| Issue: | Mandatory convertible bonds
|
| Amount: | $25 million add-on
|
| Maturity: | Jan. 15, 2022
|
| Coupon: | 6%
|
| Price: | Par
|
| Conversion price: | $164.35
|
| Pricing date: | July 15
|
| Consolidation date: | Aug. 25
|
| Distribution: | Regulation S
|
| Original issue: | $6.02 million issued on Jan. 15, 2016
|
| Previous add-on: | $1.85 million issued on April 15, 2016
|
| Total amount: | $32.87 million
|
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