Stone Energy Corp. (SGY: Quote) has priced its private offering of $275 million aggregate principal amount of Convertible Notes due 2017. The private offering was upsized from the earlier announced $250 million aggregate principal amount of Convertible Notes.
The company has granted an over-allotment option to the initial purchasers for up to an additional $25 million aggregate principal amount of Convertible Notes, while the Convertible Notes would pay interest semiannually at a rate of 1.75% and would be convertible into cash, shares of the company or a combination of cash and common shares of the company, at the cmpany's election, based on the applicable conversion rate at such time.
The Convertible Notes would mature on March 1, 2017, unless repurchased or converted in accordance with their terms prior to such date. Stone Energy may close the offering on or about March 6, 2012.
Click here to receive FREE breaking news email alerts for Stone Energy and others in your portfolio
by RTT Staff Writer
For comments and feedback: email@example.com