International law firm Jones Day recently advised Maju Investments (Mauritius), a wholly owned subsidiary of Temasek Holdings, on the subscription of C$310 (US$300 million) in convertible debentures issued by Canadian oil and gas company Niko Resources. The debentures mature in three years and carry a coupon rate of 5% a year, with a conversion price of C$110.50 per share. The issue was used to finance Niko’s US$300 million acquisition of Black Gold Energy. At the time of signing, Black Gold was a partner in all of Niko’s Indonesian blocks. The deal sees Niko’s net exploration area in Indonesia increased to 4.8 million hectares, making it one of the largest holders of exploration area in the country. Niko also has operations in Bangladesh, India, Iraq, Madagascar and Pakistan, with interests in a total of 13 blocks in South Asia.
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