Paladin Energy Ltd
TSX : PDN
ASX : PDN

Paladin Energy Ltd

November 30, 2010 09:00 ET

Paladin Energy Ltd Announces Settlement of Tender Offer for Convertible Bonds due 2011

PERTH, WESTERN AUSTRALIA--(Marketwire - Nov. 30, 2010) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Paladin Energy Ltd (TSX:PDN)(ASX:PDN) (Paladin or the Company) announced on 26 October 2010 of its intention (the Offer) to repurchase its outstanding U.S.$250,000,000 4.50% convertible bonds due December 2011 (the Bonds) from eligible bondholders for cash pursuant to a tender offer memorandum dated 27 October 2010. 

Paladin is now pleased to announce that the period for bondholders to tender their Bonds expired on 25 November 2010 (the Expiry Date), settlement of the Offer occurred on 30 November 2010 (the Settlement Date) and the results of the Offer are as follows:

(a) Prior to 3.00 p.m. (London time) on 15 November 2010 (the Early Tender Deadline) Paladin received valid tenders in respect of Bonds in an aggregate nominal amount of U.S.$218,400,000 (the Early Tendered Accepted Bonds). Paladin decided to accept all such tenders, consequently, each holder of Early Tendered Accepted Bonds received U.S.$203,000 per U.S.$200,000 in nominal amount of Early Tendered Accepted Bonds and accrued interest of U.S.$4,125 per U.S.$200,000 in nominal amount of Early Tendered Accepted Bonds on the Settlement Date.

(b) After the Early Tender Deadline but prior to 3.00 p.m. (London time) on the Expiry Date Paladin received valid tenders in respect of Bonds in an aggregate nominal amount of U.S.$11,200,000 (the Regular Accepted Bonds). Paladin decided to accept all such tenders, consequently, each holder of Regular Accepted Bonds received U.S.$201,000 per U.S.$200,000 in nominal amount of Regular Accepted Bonds and accrued interest of U.S.$4,125 per U.S.$200,000 in nominal amount of Regular Accepted Bonds on the Settlement Date.

(c) Therefore, pursuant to the Offer, Paladin repurchased Bonds having an aggregate nominal amount of U.S.$229,600,000 (the Repurchased Bonds) and on the Settlement Date Paladin paid aggregate cash consideration for the Repurchased Bonds (excluding accrued interest) of U.S.$232,932,000 and an aggregate amount of accrued interest in respect of the Repurchased Bonds of U.S.$4,735,500, for a total aggregate consideration (including accrued interest) of U.S.$237,667,500.

(d) Following cancellation of the Repurchased Bonds on the Settlement Date, the aggregate nominal amount of the Bonds remaining outstanding is U.S.$20,400,000.

ACN 061 681 098

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