| Paladin Energy Limited: Repurchase of US$20 Million of Convertible Bonds Due 2017 | |
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PERTH, WESTRN AUSTRALIA--(Marketwired - September 08, 2015) - Paladin Energy Limited (Paladin or the Company) (PDN.AX) (PDN.AX) announces the repurchase of a principal amount of US$20,000,000 (the Repurchase) of its outstanding US$274,000,000 6.00% Convertible Bonds due 2017 (the 2017 Convertible Bonds). The cash expenditure for the Repurchase was approximately US$18.5 million as the bonds were bought back at an average price of 90.2 per cent. The Repurchase has resulted in approximately US$3.9 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 undertook the Repurchase to take advantage of recent trading conditions, which resulted in the 2017 Convertible Bonds trading at a discount to their face value. Due to the opportunistic nature of the initiative, the impact (and net savings) was not included in the FY2016 guidance provided FY2015 annual results release made on 27 August 2015. The 2017 Convertible Bonds (ISIN:XS0775195562) were issued on 30 April 2012 and are listed on the Singapore Exchange Securities Trading Limited. The settlement date for the Repurchase is expected to take place on or about 9 September 2015 or such other date as may be agreed with the repurchase agent. Upon settlement for the Repurchase, the repurchased 2017 Convertible Bonds will be cancelled. Paladin has funded the consideration payable for the Repurchase from its internal cash resources. None of the Directors or the substantial shareholder of Paladin have any interest, direct or indirect, in the Repurchase. Yours faithfully Paladin Energy Ltd ALEXANDER MOLYNEUX Interim CEO
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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. |