Petrominerales Drops on Convert Sale

Petrominerales Drops on Convert Sale

Equity

Shares in Petrominerales dropped over 5% Tuesday after the Colombia-based Toronto-listed oil producer said it will sell $550m in convertible notes, $250m more than first expected. The 2016 bonds will be issued on or about August 25 at par with a 2.625% coupon and convertible into Petrominerales shares at a premium of 35%. The issuer had initially launched up to $300m in converts at par in a range of 2.375%-2.875% and a conversion premium of 32.5%-37.5%, based on a volume weighted average share p

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