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Aquarius Platinum announces $250 million unsecured convertible bonds offering

Posted on: Tue, 24 Nov 2009 14:07:00 EST

Symbols: AQPBF

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Nov 24, 2009 (Datamonitor Financial Deals Tracker via COMTEX) --
AQPBF | Quote | Chart | News | PowerRating -- Aquarius Platinum Limited, an Australia-based company engaged in the exploration, development and acquisition of platinum group metals projects, intends to make an offering of approximately $250 million of unsubordinated, unsecured convertible bonds due 2015 with institutional investors.

The aggregate principal amount of the issue is $250 million, which may be increased to $300 million in the event the over-allotment option granted to the bookrunner is exercised in full.

The bonds will be convertible into common shares of Aquarius and are expected to have a semi-annual coupon in the range of 3.50% - 4.25% per annum and a conversion price set at a premium in the range of 20% - 25% above the volume weighted average price of the shares on the London Stock Exchange between launch and pricing. The bonds will be issued at 100% of their principal amount and, unless previously redeemed, converted or cancelled, will mature on the sixth anniversary of the issue in 2015. Aquarius will have the option to call the bonds after the first three years, if the price of the shares exceeds 130% of the then prevailing conversion price over a specified period.

Goldman Sachs International is acting as bookrunner for the offering.

Deal Value (US$ Million) 250
Deal Type                Private Placement
Sub-Category             None
Deal Status              Announced: 2009-11-24

Deal Participants

Target (Company)   Aquarius Platinum Limited
Acquirer (Company) Undisclosed Investors

Deal Rationale

Aquarius Platinum intends to use the proceeds from the offering to fund the early redemption of all its existing ZAR650 million ($86 million) convertible bonds and for general corporate purposes and business opportunities.

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