Seahawk Oil International Inc., an oil and gas exploration firm headquartered in Newport Beach, has completed the sale of $4 million in convertible subordinated debentures. The offering, which began on Oct. 1, comprised 16,000 units of one debenture and 50 shares of Seahawk common stock priced at $250 per unit. Dennis R. Hernreich, Seahawk's executive vice president, said proceeds from the sale would be used to help Seahawk acquire more oil and gas assets.
The 10-year debentures carry an 8% interest rate and are convertible into common stock at a ratio of 167 shares of stock per debenture. The company has the option to convert the debentures once its stock equals or exceeds $2.50 per share, at the same ratio. Seahawk common stock closed at 75-cents a share in over-the-counter trading Monday.