Africa-focused oil explorer Tullow Oil has issued convertible bonds worth $300-million, a move it said was designed to diversify its investor base, sending its shares to the lowest in nearly three months. The bonds, due in 2021 and offered at a conversion price set at a 30% to 35% premium to the average Tullow share price on July 6, will be offered to institutional investors at a coupon between 5.88% and 6.63%, Tullow said on Wednesday.
