Houston, Sept. 18, 2013 (GLOBE NEWSWIRE) -- BPZ Resources Inc., (NYSE: BPZ) (BVL: BPZ), today announced that it has commenced, subject to market and other conditions, an underwritten public offering of approximately $110 million aggregate principal amount of Convertible Senior Notes due 2017 (the "2017 Notes") under its effective shelf registration statement. The interest rate, conversion rate and other terms of the 2017 Notes will be determined at the time of pricing of the offering.
The Company intends to use the net proceeds from the offering to undertake repurchases, from time to time, in individually negotiated transactions, on potentially varying terms, of certain of its outstanding 6.50% Convertible Senior Notes due 2015, and for general corporate purposes, including to fund its exploration and production efforts or other projects or to reduce or refinance its outstanding debt or other corporate obligations.
The Company intends to grant the underwriter a 30-day option to purchase additional Notes to cover over-allotments, if necessary. In addition, the International Finance Corporation (IFC) holds the right to participate in the offering for up to 45 days after being notified of the terms of the offering, which, if exercised would increase the size of the offering.Raymond James is acting as sole book-running manager for the offering. The 2017 Notes offering is being made only by means of a prospectus, forming a part of the Company's effective shelf registration statement, related prospectus supplement and other related documents. You may obtain these documents at no cost by visiting EDGAR on the Securities and Exchange Commission website at www.sec.gov. Alternatively, copies of the prospectus supplement and accompanying prospectus relating to this offering may be obtained from Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, FL 33716, Attention: Equity Syndicate (telephone: 800-248-8863 or email: prospectus@RaymondJames.com).