Canadian Overseas Petroleum Limited (LSE:COPL, CSE:XOP) (COPL) told investors that it has successfully completed its US$14.8mln convertible bond refinancing, and noted that the ‘full increase option’ is being exercised.
The company sees the full US$14.8mln of principal being covered by the refinancing which is led by COPL’s main bondholder, institutional stakeholders, and new institutional investors, plus the company noted that it is also issuing some US$2.2mln of equity - 26.8mln shares at a ‘premium price’ - to settle payables due to the company’s arm's length creditors.
COPL in Monday's statement highlighted that the refinancing was strongly supported.