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Dana Petroleum Sells $282 Million of Bonds to Fund Acquisition

Source: bloomberg 6/27/2007, Location: Africa

Dana Petroleum Plc sold 141.5 million pounds ($282 million) of convertible bonds to help finance the purchase of assets in Egypt from Devon Energy Corp. The securities will be convertible into 8.6 million shares, or about 10 percent of Dana's outstanding share capital, when they mature in July 2014, the Aberdeen, Scotland-based company said today in a statement distributed by the Regulatory News Service. The conversion price is 16.45 pounds, 50 percent more than the company's share price during marketing. The bonds, to be issued July 17, will pay 2.9 percent interest, Dana said. The sale was arranged by ABN Amro Rothschild LLC.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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