Key Developments: BPZ Resources Inc (BPZ.LM)

BPZ.LM on Lima Stock Exchange

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2 Mar 2015
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Latest Key Developments (Source: Significant Developments)

BPZ Resources Inc announces proposed offering of senior secured notes
Wednesday, 1 Oct 2014 09:00pm EDT 

BPZ Resources Inc:Intends to offer $150 million in aggregate principal amount of senior secured notes due 2019 in a private placement to eligible investors.Notes will be fully and unconditionally guaranteed, jointly and severally, on senior secured basis, by each of the company's US- and non-US domiciled subsidiaries, will be secured by first priority liens on substantially all of assets of the company and its guarantors.Plans to use net proceeds from notes to repay existing indebtedness under 6.50 pct. convertible senior notes due March 1, 2015 and for general corporate purposes.Including without limitation, funding a portion of the company's planned capital expenditures for field development and drilling in 2014 and 2015, and infrastructure.  Full Article

BPZ Resources Inc Announces Exercise Of Option to Purchase Additional $18.8 Million of 8.50% Convertible Senior Notes 2017
Monday, 30 Sep 2013 04:05pm EDT 

BPZ Resources Inc announced that Raymond James & Associates, Inc., as underwriter of the Company's previously reported offering of $125 million of its 8.50% Convertible Senior Notes due 2017, has exercised in full its option to purchase an additional $18.8 million aggregate principal amount of the Notes. In addition, the International Finance Corporation (IFC) holds the right to participate in the offering for up to 45 days after being notified of the terms of the offering, which, if exercised would increase the size of the offering. Net proceeds from the sale of the Notes as a result of the option exercise, after deducting the discounts and offering expenses, were approximately $16.3 million. The Company closed the offering of these Notes under the underwriter's option on September 30, 2013. Expected use of proceeds includes general corporate purposes, including to fund its exploration and production efforts or other projects or to reduce or refinance its outstanding debt.  Full Article

BPZ Resources Inc Announces Closing of Convertible Senior Notes Transactions
Tuesday, 24 Sep 2013 04:30pm EDT 

BPZ Resources Inc announced the closing of its offering of $125.0 million principal amount of 8.50% Convertible Senior Notes due September 2017 (the 2017 Notes) as well as the repurchase of $85.0 million of its outstanding 6.50% Convertible Senior Notes due March 2015. The Company also granted the underwriters a 30-day option to purchase an additional $18.8 million of the 2017 Notes. In addition, the International Finance Corporation (IFC) holds the right to participate in the offering for up to 45 days after being notified of the terms of the offering, which, if exercised, would increase the size of the offering. The Company intends to use the remaining proceeds after repurchases of outstanding notes for general corporate purposes, including to fund its exploration and production efforts or other projects or to reduce or refinance its outstanding debt. The Company will also use cash on hand following the closing of the offering to repay the remaining $36.0 million balance under its secured bank debt facility. The 2017 Notes were issued via an underwritten public offering, resulting in net proceeds of approximately $31.3 million, after repurchases of outstanding notes and estimated offering expenses. Interest on the 2017 Notes will be paid semi-annually on April 1 and October 1 of each year. Raymond James & Associates, Inc. acted as sole book-running manager of this offering.  Full Article

BPZ Resources Inc Announces Pricing Of Convertible Senior Notes Transactions
Thursday, 19 Sep 2013 09:19am EDT 

BPZ Resources Inc announced that it has priced an offering of approximately $125.0 million of 8.50% Convertible Senior Notes due 2017. The Company expects to use the proceeds from the issuance of the 2017 Notes to repurchase and retire $85.0 million of its existing $170.9 million principal amount of 6.50% Convertible Senior Notes due 2015 in individually negotiated transactions, on potentially varying terms, and 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 Company also intends to use cash on hand following the offering to repay the remaining $36 million balance under its secured bank debt facility.  Full Article

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