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1993 ANNUAL REPORT |
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Notes to Consolidated Financial Statements
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1993 ANNUAL REPORT |
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Notes to Consolidated Financial Statements
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4. Long-Term Debt
The Company’s long-term debt consists of $28,750,000 of 6.5% Convertible Subordinated Debentures ("Debentures"). The Debentures were issued on June 30, 1993, and will mature on June 30, 2003. The Debentures are convertible into common stock of the Company by the holders at any time prior to maturity at a conversion price of $13.50 per share, subject to adjustment upon the occurrence of certain events. Interest on the Debentures is payable semi-annually on June 30, and December 31, commencing with the payment made at December 31, 1993. After June 30, 1997 (or in certain circumstances after June 30, 1996), the Debentures are redeemable for cash at the option of the Company, with certain restrictions, at 104.55% of principal, declining to 100.65% in 2002. Upon certain changes in control of the Company, if the price of the Company’s common stock is not above certain levels each holder of Debentures will have the right to require the Company to repurchase Debentures at the principal amount thereof, together with accrued and unpaid interest to the date of repurchase but after the repayment of any Senior Indebtedness, as defined.
Interest expense on the Debentures, including amortization of debt issuance costs, totaled $984,239 for the six month period ending December 31, 1993. Of this amount $199,057 was capitalized as part of oil and gas property costs and $187,717 was reimbursed from certain affiliated partnerships for interest related to a portion of the Debenture proceeds used to fund the advance purchase of producing oil and gas properties on behalf of the affiliated partnerships.
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