GREY:PMGLF - Post by User
Comment by
smittyfrompaon Nov 26, 2007 12:05pm
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Post# 13867145
RE: $100Million Convertible Debt Offering
RE: $100Million Convertible Debt OfferingAgreed, price should recover, by mid December, but, think they should have waited until Corcel 3 testing. Guess one could argue there is no better time to price an offering, than when oil is $98/barrel. Some of this pressure could be selling of PMG, with the intention of buying the converts, although I think you'd have to be a heavy hitter, to participate. PBG had gone the pure debt route, then cancelled that with their own convert, so it's easy to see JW's thinking. Production will still be 30,000 BOD (IMO) 12 months from now, so not much has changed. My WAG is that most (or all) of the converts will get called, in two years.