Colombian Miner to Sell Convertibles

Colombia’s Petrominerales plans to offer up to $100m of 2010 convertible notes. The notes are expected to have an annual coupon in the 3.25%-4.0% range, the company said in a statement. Proceeds will be used for general corporate purposes, including acceleration of Petrominerales’ drilling, seismic and development plans. The notes will be offered solely to investors outside of Canada and the United States through a private placement, via sole bookrunner ABG Sundal Collier Norge. Petrominerales is 76.6% owned by Canada’s Petrobank Energy and Resources.