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Los Angelas, CA -- (SBWIRE) -- 12/12/2012 -- Cobalt International Energy, Inc. (NYSE:CIE) today announced the pricing of a registered underwritten public offering of $1,200,000,000 aggregate principal amount of its 2.625% convertible senior notes due 2019. The underwriters of this offering have been granted an option, exercisable within 13 days, to purchase up to an additional $180,000,000 aggregate principal amount of the Notes from Cobalt on the same terms and conditions to cover over-allotments, if any.
The Notes will be Cobalt’s senior unsecured obligations and will bear interest at a rate of 2.625% per annum, payable semi-annually in arrears on June 1 and December 1 of each year, beginning on June 1, 2013. The Notes will mature on December 1, 2019, unless earlier repurchased or converted in accordance with their terms. The Notes will be convertible at the holder’s option at any time prior to 5:00 p.m., New York City time, on the second scheduled trading day immediately preceding the maturity date into cash, shares of Cobalt’s common stock or a combination of cash and shares of Cobalt’s common stock, at Cobalt’s election. The conversion rate will initially be 28.0230 shares of common stock per $1,000 principal amount of the Notes (equivalent to an initial conversion price of approximately $35.68 per share of common stock), subject to customary adjustments.
Cobalt expects to close the offering on December 17, 2012, subject to satisfaction of customary closing conditions.
Cobalt intends to use the net proceeds from the sale of the Notes to fund its capital expenditures and for general corporate purposes.
Morgan Stanley & Co. LLC and Goldman, Sachs & Co. are acting as the underwriters of the offering.
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