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Cobalt issues $32.14 million 7¾% notes in exchange for convertibles
By Wendy Van Sickle
Columbus, Ohio, May 18 – Cobalt International Energy, Inc. exchanged $60,932,000 of its 3.125% convertible senior notes due 2024 on Thursday.
In exchange, the company issued another $32,142,000 of 7¾% second-lien senior secured notes due Dec. 1, 2023 on Monday, according to an 8-K filing with the Securities and Exchange Commission.
As a result, company said its outstanding long-term debt was reduced by about $28.79 million.
Including the company’s other debt exchanges in December 2016, January and April, the par amount of its long-term debt has been reduced by $339.2 million, the company said.
The add-on issue will form a single series with the company’s outstanding 7¾% notes due 2023 issued from time to time, for a total issue amount of $902.59 million.
The company said on April 25 that it issued $178.62 million of the 7¾% second-lien senior secured notes due 2023 in exchange for $6,436,000 of its 2.625% convertibles due 2019 and $296,309,000 of the 3.125% convertibles due 2024.
On Jan. 30, it said that it issued $139,238,000 of 7¾% second-lien senior secured notes due 2023 in exchange for $137,843,000 of the 2.625% convertibles and $60,009,000 of the 3.125% convertibles.
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 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.
Houston-based Cobalt is an oil exploration and development company.
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