BPZ Floats Convertible Notes Issue

BPZ Resources (NYSE: BPZ  ) is making a fresh attempt to raise some capital. The company announced it has launched an issue of convertible senior notes in an underwritten public offering. Roughly $110 million in principal amount is being floated via a series of notes maturing in 2017. The company also intends to grant the issue's underwriter, Raymond James, a 30-day option to purchase additional notes to cover over-allotments, if any.

BPZ added that the International Finance Corporation holds the right to participate in the issue for up to 45 days after receiving notification of it.

The company said it intends to use its proceeds from the issue to repurchase some of its outstanding 6.5% convertible senior notes maturing in 2015. It will also use the monies "for general corporate purposes, including to fund its exploration and production efforts or other projects or to reduce or refinance its outstanding debt or other corporate obligations."

The interest and conversion rates, plus other terms of the notes, will be determined at the time of their pricing.


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