Pacific Rubiales Wraps Up Warrants

Pacific Rubiales has completed a warrant exchange offer that has raised $258m. The Canada-based oil and gas producer with Colombian assets claims a 97.8% participation rate after the close of the offer period Wednesday. It will automatically convert the remainder of outstanding securities that date back to the 2007 financing of the acquisitions of Meta and Petro Rubiales. Pacific Rubiales offered investors 1 share and C$0.75 cash for each warrant, at an exercise price of C$7.80, or C$6.30 for holders accepting before a January 13 early date, in the offer launched December 14. Proceeds will finance capex, a spokeswoman says. GMP Securities and RBC Dominion advised Pacific Rubiales.