Toreador to Offer $75 Million of Convertible Senior Notes in Placement
Toreador Resources says it will commence an offering, subject to market and other conditions, of $75 million principal amount of Convertible Senior Notes due October 1, 2025 to qualified institutional buyers pursuant to Rule 144A of the Securities Act of 1933, as amended ("the Securities Act"). The Company also expects to grant to the initial purchasers the option, exercisable on or before the 30th day after the commencement of the offering, to purchase up to an additional $11.25 million aggregate principal amount of notes to cover over allotments.
Net proceeds from the placement will be used for general corporate purposes, including funding a portion of the Company's 2005 and 2006 exploration and development activities.
The notes and common stock issuable upon conversion of the notes have not been registered under the Securities Act or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from the registration requirements. Toreador has agreed to file a registration statement for the resale of the notes and the common stock issuable upon conversion of the notes within 90 days of closing and use its reasonable best efforts to have the registration statements declared effective within 180 days of closing.
The notes will be senior unsecured obligations of Toreador
Resources Corporation and will rank equally with all existing and
future senior unsecured indebtedness. The notes will not be guaranteed
by any subsidiaries of Toreador.
- ZaZa, Toreador Finalize Merger (Feb 22)
- Toreador to Kick-Off French Shale Section Exploration (Oct 24)
- Toreador Comments on France's Fracking-Ban (Jul 06)