JKX Oil & Gas adjusts conversion price for 8% convertibles due 2018

By Toni Weeks

San Luis Obispo, Calif., Feb. 19 - JKX Oil & Gas plc announced it has adjusted the conversion rate for the $40 million of 8% unsubordinated convertible bonds due 2018 issued by subsidiary JKX Oil & Gas (Jersey) Ltd., according to a filing with the London Stock Exchange.

The conversion rate was adjusted to 76.29p per ordinary share from 87.425p per ordinary share.

As previously noted, the bonds priced at par of $200,000 each to yield 10.5% and had an initial conversion premium of 30%. The bonds have a coupon make-whole if they are converted prior to the second anniversary of the bonds' closing date.

ISM Capital LLP is the bookrunner and lead manager.

Proceeds will be used for development, appraisal and exploration and to upgrade its facilities in the Ukraine and Russia.

JKX Oil & Gas is an oil and gas exploration and production company in London.

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