Toreador Resources is commencing a public offering of shares of its common stock.
Toreador intends to use the net proceeds, together with cash on hand, to satisfy payment obligations arising from the holders' exercise, if any, of their right on October 1, 2010 to require the Company to repurchase its 5.00% Convertible Senior Notes due 2025 and for general corporate purposes, which may include working capital, capital expenditures and acquisitions.
RBC Capital Markets and Thomas Weisel Partners LLC are acting as joint book-running managers for the offering. The Company intends to grant the underwriters a 30-day option to purchase up to an additional 15 percent of the shares offered to cover over-allotments, if any.
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