Southern Pacific Resource Corp STPJF

Energy Oil & Gas E&P

Southern Pacific Resource Corp. is a Canada-based company, which is engaged in the thermal production of heavy oil in Senlac, Saskatchewan on a property known as STP-Senlac, and thermal production of bitumen on a property located in the Athabasca region of Alberta known as STP-McKay, as well as exploration for and development of in-situ oil sands in the Athabasca region of Alberta. Its STP-McKay property consists of oil sands leases totaling approximately 37,760 acres. The Company’s operations also include Anzac, Hangingstone and Ells. The Company’s STP-McKay property is located approximately 45 kilometers northwest Ft. McMurray. The Anzac project covers approximately 117 kilometers of two-dimensional (2D) seismic. The Company owns 80% interest in Hangingstone project. The Ells project covers approximately 164 kilometers of two-dimensional (2D) seismic.

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Southern Pacific Resource Corp

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Post by maramos98on Feb 20, 2011 5:44pm

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Post# 18167181

Southern Pacific Question

How is the interested calculated on the $172.5 debentures?
What will the yearly payments be?
Is it as simple as:
172.5 million x 1.06 = $10,350,000 (yearly interest payment)

From financing news release:
"Southern Pacific has now closed the previously announced offering of $172.5 million principal amount of 6% convertible unsecured subordinated debentures (the "Debentures"), including the full over-allotment of $22.5 million.

The debentures have a face value of C$1,000 each, a coupon of 6 percent, and a maturity date of June 30, 2016."

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