Cobalt issues $139.24 million notes for $197.85 million convertibles

New York, Jan. 30 – Cobalt International Energy, Inc. issued $139,238,000 of 7¾% second-lien senior secured notes due 2023 in exchange for a total of $196,852,000 of its outstanding convertible notes.

Specifically, the company swapped $137,843,000 of its 2.625% convertible senior notes due 2019 and $60,009,000 of its 3.125% convertible senior notes due 2024 into the new notes, according to an 8-K filing with the Securities and Exchange Commission.

The exchange settled on Monday.

The second-lien notes have the same terms as the $584,732,000 of notes that were issued in an exchange that settled on Dec. 6.

In that earlier transaction, Cobalt issued $500 million of new first-lien senior secured notes due 2021 for cash at a price of 98 and $584,732,000 of the second-lien notes and 30 million shares of common stock in exchange for $616,554,000 of the 2.625% convertibles and $95,855,000 of the 3.125% convertibles.

The latest issue of notes will initially trade separately from the previous notes but are expected to combine into a single issue one year after the issuance of the additional notes. The company now has $723.97 million of second-lien notes outstanding.

Houston-based Cobalt is an oil exploration and development company.

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