Navigate this market better. Subscribe for FREE stock alerts and information.

Thursday, July 10, 2014

Nigeria's Oando converts $218.9 million loan to Canadian unit to equity, (NYSE: COP), (TSE: OER.TO)

Nigeria's Oando Plc has converted a $218.9 million loan to its Toronto-listed unit Oando Energy Resources to equity, to increase its stake in the subsidiary by 1.6 percent to 93.6 percent, it said on Thursday.Oando said the debt is part of a $1.2 billion facility it approved for its subsidiary in February to help finance the acquisition of ConocoPhillips Nigerian assets.The oil firm secured Nigerian government approvals last month to complete the deal which it had agreed last year with ConocoPhillips but was delayed several times due to problems raising funds, oil industry and banking sources said.The subsidiary said it converted the debt to equity at C$1.57 per share and has issued 150 million shares to its parent firm. It said the deal was approved by the Toronto Stock Exchange before the conversion.

ConocoPhillips is an independent exploration and production (E&P) company, based on proved reserves and production of liquids and natural gas. Shares of COP fell by 1.01% or $-0.87/share to $84.93. In the past year, the shares have traded as low as $62.74 and as high as $86.65. On average, 5395670 shares of COP exchange hands on a given day and today's volume is recorded at 3918789.

Shares of OER remained unchanged at $1.82. In the past year, the shares have traded as low as $1.00 and as high as $2.29. On average, 8390 shares of OER.TO exchange hands on a given day and today's volume is recorded at 6750.



Source