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FastPunt for $-Oculus
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787180
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28-Aug-2007 09:17
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Has anyone notice the swift recovery of Oculus move from 15cts to 18..20..22....25 and 27cts now...major sh holder Ariel has undertaken to take up all its rights entitlement at 32cts each...recent financing obtained is gd news for Oculus..show financiers/investors are confident of co's projects. OCULUS SECURES $100M FINANCING FACILITY Business Times (23 Aug) - Oculus Ltd said yesterday it has secured a $100 million financing facility from a major New York-based fund manager to fund its business expansion in renewable energy and oil services businesses. The facility is a convertible bond that gives the bondholder an option but not the obligation to convert the debt into equity. Under the bond subscription agreement, Oculus will issue up to $100 million in zero-coupon convertible bonds - in 50 successive tranches of $2 million each - to DB Zwirn Mauritius Trading No 3 Ltd and its affiliates. The maturity date is five years after the date of issue. After the issue of the initial tranche of $2 million, either Oculus or DB Zwirn would have the option to ask for subsequent tranches within five years of the initial completion date of the first tranche. DB Zwirn is wholly owned by DB Zwirn Special Opportunities Fund, a partnership managed by DB Zwirn & Co, a global alternative investments manager and financial group with more than US$5 billion worth of assets under management. Oculus said the terms of the convertible bonds are favourable to the company. There is no interest payable on the bonds, no restrictions on future borrowings and future equity raisings and no subordination of existing financing facilities. The group will also issue bonds only as and when needed. The facility can be terminated by either party. Oculus executive director Low Shiong Jin said: 'Oculus is in a position today to issue convertible bonds on such favourable terms because of our strengthened financials and bright prospects going forward.' While the main objective of issuing the convertible bonds is to raise capital for business expansion, a related objective is to increase Oculus's market capitalisation and trading liquidity, the company said. The bond agreement is subject to the approvals of SGX and Oculus's shareholders, among other conditions. |
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