| Paladin Energy Limited: Repurchase of US$11 Million of Convertible Bonds Due 2017 | |
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PERTH, WESTERN AUSTRALIA--(Marketwired - November 24, 2015) - Paladin Energy Limited (Paladin or the Company) (PDN.AX) (PDN.AX) announces the repurchase of a principal amount of US$11,000,000 (the Repurchase) of its outstanding US$254,000,000 6.00% Convertible Bonds due 2017 (the 2017 Convertible Bonds). The cash expenditure for the Repurchase was approximately US$9.9 million as the bonds were bought back at an average price of 90 per cent. The Repurchase has resulted in approximately US$2.0 million of cash savings to Paladin in the form of avoided principal and coupon payments over the period to maturity of the 2017 Convertible Bonds. The Company has funded the Repurchase out of operating cash flow, which has been building since the commencement of the December quarter in-line with previous guidance. The initiative was also conducted to take advantage of trading conditions, which continue to see the 2017 Convertible Bonds trading at a discount to their face value. This Repurchase of US$11,000,000 together with the earlier repurchase of the US$20,000,000 announced 8 September 2015, has reduced the principal amount outstanding of the Convertible Bonds due 30 April 2017 from US$274,000,000 to US$243,000,000. Due to the opportunistic nature of the initiative, the impact (and net savings) was not included in the FY2016 guidance provided in the 30 September 2015 Quarterly Financial Report released 12 November 2015. The 2017 Convertible Bonds (ISIN:XS0775195562) were issued on 30 April 2012 and are listed on the Singapore Exchange Securities Trading Limited. |
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Paladin Energy Limited
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PRODUCER |
CODE : PDN.AX |
ISIN : AU000000PDN8 |
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Paladin Energy Ltd is a gold and copper development stage company based in Australia. Paladin Energy Ltd produces gold, copper, uranium in Malawi and in Namibia, develops uranium in Canada, and holds various exploration projects in Australia. Its main assets in production are LANGER HEINRICH in Namibia and KAYELEKERA in Malawi, its main asset in development is MICHELIN in Canada and its main exploration properties are ANGELA/PAMELA, OOBAGOOMA, SKAL, VALHALLA, BIGRLYI, MANYINGEE, MT LOFTY and SICCUS in Australia and NASH, JACQUES LAKE and RAINBOW LAKE in Canada. Paladin Energy Ltd is listed in Australia, in Canada and in Germany. Its market capitalisation is AU$ 23.5 billions as of today (US$ 15.3 billions, € 14.3 billions). Its stock quote reached its lowest recent point on March 20, 2020 at AU$ 0.04, and its highest recent level on April 24, 2024 at AU$ 13.72. Paladin Energy Ltd has 1 712 839 936 shares outstanding. |