Boston, MA 05\/12\/2014 (wallstreetpr) \u2013\u00a0<\/b>Cobalt International Energy, Inc. (NYSE:CIE),<\/b> based in Texas is involved in the exploration and production of oil-focused projects. Cobalt International Energy has made an announcement for offering $1,000M cumulative principal amount of convertible senior notes maturing 2024.<\/p>\n
Raised Amount to fund Capex<\/b><\/p>\n
The net amount raised from the sale of the Notes will be used by Cobalt International Energy, Inc. (NYSE:CIE), for funding its capital expenditures and general corporate operations. Goldman, Sachs & Co. and RBC Capital Markets, LLC are joint book-running managers for the offering. The offering prospectus and a preliminary prospectus are also available online.<\/p>\n
The Notes are unsecured obligations. The interest will be paid in arrears semi-annually, first on May 15 and second on November 15 every year. The term of notes will begin on November 15, 2014, and the maturity will be due on May 15, 2024. Cobalt and the guarantors will decide the interest rate, conversion rate, the conversion price and other terms of the notes. Cobalt has granted the right to purchase the offering to guarantors for a period of 12 days from the release of the offering up to an extra $150M cumulative principal amount of the Notes to cover over-allotments subject to terms and conditions.<\/p>\n
Flexibility of conversion and redemption<\/b><\/p>\n
The notes can be repurchased, redeemed and converted as per the terms of offering. The Note is convertible at the holder’s option depending upon certain conditions and during certain periods into cash or Cobalt International Energy, Inc. (NYSE:CIE)’s common stock shares or both at Cobalt’s election. Cobalt will hike the conversion rate for a holder who wishes to convert its Notes. The notes cannot be redeemed before May 15, 2019.<\/p>\n
From May 15, 2019 Cobalt may redeem the whole or any part of the Notes based on the last reported Cobalt’s common stock sale price over a period of 20 trading days during 30 consecutive trading-days ending on. It includes the second trading day immediately before Cobalt International Energy, Inc. (NYSE:CIE) provides notice of redemption exceeds $30 on every applicable trading day. On the redemption of Notes, the payable amount will include complete principal amount of the Notes, accrued and unpaid interest excluding the redemption date.<\/p>\n","protected":false},"excerpt":{"rendered":"
Boston, MA 05\/12\/2014 (wallstreetpr) \u2013\u00a0Cobalt International Energy, Inc. (NYSE:CIE), based in Texas is involved in the exploration and production of oil-focused projects. Cobalt International Energy […]<\/p>\n","protected":false},"author":13,"featured_media":21950,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[2236],"tags":[3906,3908],"stock_ticker":[],"class_list":["post-21949","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-cobalt-international-energy-inc-nysecie","tag-nysecie","entry"],"acf":[],"yoast_head":"\n