Petrominerales Ltd. (PMG.TO) Friday announced pricing of its previously announced $400 million offering of convertible bonds. The bonds have an annual coupon 3.25 percent, with a conversion price of $18.0017 per bond.
The bonds are expected to be issued on or about June 12, 2012. The offering is subject to the approval of the Toronto Stock Exchange.
The company also announced a $250 million in offers from certain offshore holders of the company's existing 2.625 percent senior unsecured convertible bonds.
The company believes the transactions will help Petrominerales extend its debt maturity profile, minimize dilution and secure inexpensive working capital. The company is also planning on repurchasing approximately 10 percent of its outstanding common shares.
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