Business
Convertible Bond - Final Pricing
Convertible Bond - Final Pricing.
About this update from Tullow Oil Plc
[{"type":"text","content":"\n \nRNS Number : 4730D Tullow Oil PLC 06 July 2016 \n\n6th July 2016 \n \nNOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933), OR IN OR INTO CANADA, AUSTRALIA, JAPAN, SOUTH AFRICA OR IN ANY OTHER JURISDICTION IN WHICH SUCH DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW\n \nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \n \nTullow Oil plc Convertible Bond Offering\n \nFurther to the initial pricing announcement earlier today, Tullow Oil plc (the \"Group\", the \"Company\" or \"Tullow Oil\") announces the final pricing terms of its offering (the \"Offering\") of $300 million of Convertible Bonds due 2021 (the \"Bonds\"). \n \nThe proposed Convertible Bond Offering will further diversify Tullow Oil's sources of funding and the proceeds will be used for general corporate purposes and to fund capital investment in the Group's assets in West and East Africa. \n \nThe Bonds are issued at par and will have a coupon of 6.625% per annum payable semi-annually in arrear on 12th January and 12th July in each year, with the first interest payment date being 12th January 2017. The Bonds will be convertible into fully paid ordinary shares of the Company (the \"Ordinary Shares\"). The initial conversion price has been set at $3.52, a premium of 30% above the volume weighted average price of an Ordinary Share on the London Stock Exchange between opening and closing of the market on 6th July 2016, converted at the prevailing USD:GBP spot rate. The Ordinary Shares underlying the Bonds represent 9.35% of the Company's outstanding ordinary share capital.\n \nSettlement is expected to take place on or about 12th July 2016 (the \"Settlement Date\"). \n \nIan Springett, Chief Financial Officer of Tullow Oil commented:\n \n\"We are very pleased with the result of this bond offer which reflects the confidence that the market has shown in the Group's business and fi...