http://www.smh.com.au/business/paladin-to-use-proceeds-of-266m-bond-issue-to-trim-debts-20120424-1xjbn.html
"most analysts and major investors agreed that the raising of $US274 million would improve confidence in the stock longer term"
"Paladin to use proceeds of $266m bond issue to trim debts"
Peter Ker April 25, 2012
SHARES in the uranium miner Paladin Energy fell more than 6 per cent yesterday in the wake of its successful issue of $US274 million ($266 million) worth of convertible bonds.
The bonds were issued on a five-year term at an interest rate of 6 per cent and can be converted into Paladin shares worth $2.13 - a 25 per cent premium to Paladin's share price on Monday, before the issue took place.
An initial sell-down in Paladin shares had been expected in the wake of the bond issue, but most analysts and major investors agreed that the raising of $US274 million would improve confidence in the stock longer term
The money will be used to pay down $US325 million ($316 million) worth of short-term debt, which is due next year.
That debt had weighed heavily on Paladin's share price in recent times, but the company's chief executive, John Borshoff, said those concerns had been ''largely put to bed'' with the bond issue.
The remainder of the money is expected to be raised by a sell-down of Paladin's non-producing assets, and Mr Borshoff said that process should be complete by June or July.
Paladin shares closed 10.5¢ lower at $1.57 last night."
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