Pacific Rubiales Tempts Convert Holders

Pacific Rubiales is giving holders of its 2014 8.0% convertible bonds the chance to convert to equity early with an additional premium. The Toronto-based Colombian oil producer is offering accepting holders all of the shares due under the current conversion rate of 77.94 shares per CAD1,000 face value, plus additional shares with a value equal to CAD200. The price for the additional shares is to be set as the average price from October 27-November 4. The offer is open from November 9-29. Pacific Rubiales says it is undertaking the offer “to bring maximum balance sheet flexibility” so that it can pursue and execute its acquisition strategy. RBC is managing.