redeems notes
Petrobank closes $38.6-million financing; redeems notes
2005-10-20 09:54 ET - News Release
Mr. John Wright reports
PETROBANK CLOSES $38.6 MILLION FINANCING AND ANNOUNCES NOTICE OF REDEMPTION OF AN ADDITIONAL $18.9 MILLION OF SUBORDINATED NOTES
Petrobank Energy & Resources Ltd. has closed its previously announced financing for the issuance of four million common shares at a price of $9.65 per common share. The shares were issued on a private placement basis through a syndicate of underwriters led by Haywood Securities Inc. and including TD Securities Inc., and ABG Sundal Collier Norge ASA of Oslo, Norway.
The company has also given notice to redeem an additional $18.9-million of the outstanding Petrobank subordinated notes, on a pro rata basis, pursuant to the terms of the note indenture dated as of July 18, 2001, between Petrobank and Computershare Trust Company of Canada. This redemption will further reduce the principal amount of subordinated notes outstanding to $50-million.
This partial redemption will be done at par plus accrued and unpaid interest, and is expected to be completed in mid-November. The redemption may be made at the offices of Computershare Trust Company of Canada at suite 710, 530 8th Ave. S.W., Calgary, Alta., T2P 3S8.