Endeavour Raises More Than $80 Million From Offering

Endeavour International Corporation (Amex: END) reports that 100 percent of its investors have exercised options to purchase an additional $16.25 million aggregate principal in a previously announced private convertible senior notes offering.

This amount is in addition to the $65 million aggregate principal amount of notes purchased at the initial closing on January 20, 2005. The notes are due in 2012 and bear interest at a rate of 6.00% per annum. They are convertible into Endeavour common stock at an initial conversion rate of 199.2032 shares of common stock per $1,000 principal amount of notes, subject to adjustment, which is equal to an initial conversion rate of $5.02 per share.

Proceeds from the notes issuance will fund expenditures to explore for and develop oil and gas properties, working capital and general corporate purposes, which may include future acquisitions of interests in oil and gas properties.

Company: Endeavour International Corporation more info
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