Calgary, Alberta - January 26, 2012 - PetroBakken Energy Ltd.
("PetroBakken" or "Company") (TSX:PBN) announces that,
subject to completion of our previously announced high yield
notes offering (the "Notes Offering"), all conditions have
been met for the completion of the repurchase of US$450
million of principal amount the Company's 3.125% Senior
Unsecured Convertible Bond Issue bearing ISIN NO 001 0563240
(the "Existing Bonds") at a price of US$99,000 per US$100,000
of principal amount (the "Purchase Price").
As the aggregate principal amount of Existing Bonds validly
tendered at or below the Purchase Price exceeded US$450
million, subject to certain terms and conditions, PetroBakken
will repurchase Existing Bonds in the following order of
priority: 1) all non-competitive offers will be accepted; 2)
all competitive offers with an offer price below the Purchase
Price will be accepted;
3) competitive offers with an offer price equal the Purchase
Price will be accepted, subject to proration. All competitive
offers with an offer price above the Purchase Price will be
rejected. Settlement and immediate cancellation of US$450
million principal amount of Existing Bonds is expected to
occur on or about January 31, 2012, subject to successful
completion of the Notes Offering.
Following this transaction, Petrobakken will have US$300
million principal amount of Existing
Bonds outstanding.
ABG Sundal Collier Norge ASA acted as manager of the
repurchase of Existing Bonds on behalf of PetroBakken.
This news release does not constitute an offer to sell or the
solicitation of an offer to buy any securities in any
jurisdiction. The securities referenced herein have not been
registered under the U.S. Securities Act of 1933, as amended,
and may not be offered or sold in the United States except in
transactions exempt from or not subject to the registration
requirements of the U.S. Securities Act of 1933, as amended,
and applicable state securities laws.
Certain information provided in this press release constitutes forward-looking statements. Specifically, this press release contains forward-looking statements relating to the completion of the Notes Offering and the proposed future repurchase of the Existing Bonds. The forward- looking statements are based on certain key expectations and assumptions, including
2
expectations and assumptions concerning the market conditions and the ability to complete the proposed transactions. Although we believe that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because we can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with general economic and market conditions impacting the successful completion of the Notes Offering and repurchase of Existing Bonds on acceptable terms. Except as may be required by applicable securities laws, PetroBakken assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.
FOR FURTHER INFORMATION PLEASE CONTACT:John D. Wright, President and Chief Executive Officer
Peter D. Scott, Senior Vice President and Chief Financial Officer
R. Gregg Smith, Senior Vice President and Chief Operating Officer
William A. Kanters, Vice President Capital Markets
Phone: (403) 268.7800
Eighth Avenue Place, 2800, 525 - 8th Avenue S.W.
Calgary, Alberta T2P 1G1
Phone: 403.268.7800 - Fax: 403.218.6075
E-mail: ir@petrobakken.com - Website:www.petrobakken.com
TSX:PBN
distribué par | Ce noodl a été diffusé par PetroBakken Energy Ltd. et initialement mise en ligne sur le site http://www.petrobakken.com. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-26 16:31:53 PM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |
Documents associés | |
PETROBAKKEN ANNOUNCES REPURCHASE AND CANCELLATION OF US$450 MILLION PRINCIPAL AMOUNT OF SENIOR UNSECURED CONVERTIBLE BONDS |