Paladin Energy

US$325m Convertible Bond

February 2008

As part of Azure’s ongoing relationship with Paladin Energy, in February 2008, Azure acted as corporate adviser in relation to their US$325 million Convertible Bond raising.

Azure’s role was to advise Paladin on the strategic rationale and timing of the raising and also to assist in the production of marketing and legal documentation. Citi and UBS acted as the Joint Lead Managers and Joint Book Runners.

The funds were raised predominantly to finance production expansions at Langer Heinrich, exploration at the recently acquired Angela and Pamela deposits and continued M&A opportunities.

The Convertible Bond was oversubscribed with the increase option exercised in full. The Convertible Bond was issued with favourable terms achieved for Paladin of a 5% coupon and 25% conversion premium.