Paladin Energy Ltd. (TSX:PDN,ASX:PDN) has announced the pricing of its convertible bonds due in 2017.
Paladin Energy Ltd. (TSX:PDN,ASX:PDN) has announced the pricing of its convertible bonds due in 2017.
As quoted in the press release:
The Convertible Bonds carry a coupon of 6.00% per annum payable semi-annually in arrear and are convertible into Paladin shares at an initial conversion price of US$2.190 per share, representing a conversion premium of approximately 25% above the reference price of Paladin shares at the time of pricing (C$1.739 at close of trading on TSX on 20 April 2012 or US$1.752/A$1.690 based on exchange rates at the time of fixing the reference price). The initial conversion price is subject to adjustment in certain circumstances.
Paladin’s CEo and Managing Director, John Borshoff said:
The successful completion of this raising significantly strengthens the balance sheet and in conjunction with the tender offer addresses the major portion of the 2013 convertible bonds in good time. The capital raising has placed Paladin in a strong position to pursue its growth objectives and to optimise the benefit to the Company of the strong interest being shown by various potential strategic partners.
Click here to read the Paladin Energy Ltd. (TSX:PDN) press release.
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