-- New Hope (ASX:NHC) has priced AU$300 million of 2.625% senior unsecured convertible notes due 2032, convertible into ordinary shares at an initial price of AU$7.41, reflecting a 37.5% premium to the reference share price, according to a Thursday filing with the Australian bourse.
The company also conducted a concurrent repurchase of AU$293.3 million of its 2029 convertible notes through a reverse book-build process, paying an average price of AU$113,700 per AU$100,000 principal amount for a total consideration of AU$333.5 million, per the filing.
The net proceeds of around AU$294.2 million from the offering will primarily be used to finance the concurrent repurchase after deducting transaction costs, the filing said.
The company will have around AU$6.7 million of its 2029 notes remaining outstanding after the transaction and intends to redeem them in accordance with their terms before maturity.
Settlement for both the new issuance and the concurrent repurchase is expected around April 22, the filing added.
The company's shares fell 1% in recent Thursday trade.