This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

BPZ Energy Announces Pricing Of Convertible Senior Notes Transactions

Stocks in this article: BPZ

Houston, Sept. 19, 2013 (GLOBE NEWSWIRE) -- BPZ Resources, Inc., (NYSE: BPZ) (BVL: BPZ), today announced that it has priced an offering of approximately $125.0 million of 8.50% Convertible Senior Notes due 2017 (the "2017 Notes").  The Company expects to use the proceeds from the issuance of the 2017 Notes to repurchase and retire $85.0 million of its existing $170.9 million principal amount of 6.50% Convertible Senior Notes due 2015 in individually negotiated transactions, on potentially varying terms, 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 also currently intends to use cash on hand following the offering to repay the remaining $36 million balance under its secured bank debt facility.

The Company also granted the underwriters a 30-day option to purchase an additional $18.8 million of the 2017 Notes.  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. The Company expects to close the offering of the 2017 Notes on or about September 24, 2013, subject to the satisfaction of customary closing conditions.

The 2017 Notes are to be issued via an underwritten public offering, resulting in expected net proceeds of approximately $31.3 million, after repurchases and estimated offering expenses.  Interest on the 2017 Notes will be paid semi-annually on April 1 and October 1 of each year.  The notes will be convertible by holders under certain circumstances and during certain periods into shares of the Company's common stock at an initial conversion rate of 249.5866 shares of common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $4.01 per share of common stock, subject to adjustment.  Upon conversion, holders will receive, at the Company's discretion, cash, shares of the Company's stock, or a combination thereof.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,672.60 -141.38 -0.79%
S&P 500 2,051.82 -11.33 -0.55%
NASDAQ 4,757.8790 +7.4820 0.16%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs