Finance & Investing | Capital Markets
Argent to Up Eagle Ford Activity via Bought-Deal Financing
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Argent Energy Trust has entered into an agreement with a syndicate of underwriters, co-led by Scotiabank, CIBC and RBC Capital Markets, pursuant to which it will issue C$75 million principal amount of convertible unsecured subordinated debentures of Argent on a bought deal basis at a price of $1,000 per Debenture.
In addition, the Underwriters have been granted an over-allotment option, exercisable for a period of 30 days from closing of the Offering, to purchase up to an additional C$11.25 million principal amount of Debentures. If the over-allotment option is fully exercised, gross proceeds from the Offering will be approximately C$86.25 million.
The net proceeds of the Offering will be used to accelerate the development of the Trust's Eagle Ford acreage in both Gonzales and Fayette…
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