SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934
Date of Report (Date of earliest event reported) April 28, 1994
TRITON ENERGY CORPORATION
(Exact name of registrant as specified in its charter)
Texas 1-7864 75-1151855
(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
incorporation)
Registrant's telephone number, including area code (214) 691-5200
N/A
(Former name or former address, if changed since last report)
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Item 5. Other Events.
As indicated in the attached press release, on April 28, 1994,
Crusader Limited, 49.9% of whose capital stock is owned by the
Company, completed the private placement of $41 million
principal amount of ten year exchangeable notes. The notes bear
interest at 6% per annum and may be exchanged for the 1,114,044
shares of Triton Common Stock owned by Crusader at the rate of
$36.75 principal amount per share.
Item 7. Financial Statements and Exhibits.
Exhibit No. Description
99 Press release dated April 28, 1994
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
TRITON ENERGY CORPORATION
Date: May 2, 1994 By: /s/ Robert B. Holland, III
Robert B. Holland,III, Senior Vice
President and General Counsel
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Exhibit 99
29 April 1994
ANNOUNCEMENT TO: THE AUSTRALIAN STOCK EXCHANGE
(BRISBANE) LIMITED
ASSOCIATED EXCHANGES
PRESS/MEDIA
CRUSADER LIMITED ANNOUNCES MAJOR REFINANCING
The Chairman of Crusader Limited, Mr. J.G.A. Tucker, announced
today that Crusader had successfully completed a US$41 million
(A$56 million) capital raising in the US market. The company
has issued ten year exchangeable notes, with interest fixed at
6% per annum. The notes are exchangeable into 1,114,044 Triton
Energy Corporation (Triton) shares which Crusader holds. The
exchangeable notes will not be listed and are held by a number
of US institutional investors. Triton is a 49.9% shareholder in
Crusader.
Mr. Tucker said that the purpose of the issue is to reorganize
the debt profile and provide additional working capital.
The price at which the notes can be exchanged into Triton
shares is US$36.75 per share compared to current market price of
Triton shares of US$28.50 as of last quote New York 28 April
1994.
The notes can be exchanged at any time after 90 days at the
option of the holders. They can be repaid by Crusader between
the fourth and fifth anniversary of the issue, providing that
Triton's then share price has been at least 130% of the exchange
price for a period of 30 days, and can be repaid at any time by
Crusader after the fifth anniversary.
The Triton shares are to be held in escrow in the USA for the
period of the notes to secure the rights of exchange of the note
holders.
The transaction was arranged in the US at Crusader's request by
Triton, and Crusader was independently advised on the
transaction by Graham & Company Limited, Brisbane.
Mr. Tucker said the refinancing had considerable advantages to
Crusader, including lengthening the maturity of borrowings, and
removal of reliance on short-term bank facilities, and carries a
fixed rate of interest at a time when interest rates appear to
have bottomed.
A large proportion of Crusader's income is denominated in US
Dollars, or is affected by movements in the US$/A$ exchange
rate, consequently this borrowing provides a natural hedge.
The Triton shares were acquired prior to September 1985 and
therefore will not be subject to capital gains tax on exchange
if and when exchange occurs.
For further information contact A.M. Davis, Company Secretary,
Crusader Limited. Phone: (07) 221.6516
For and on behalf of the Board of Directors:
/s/ A.M. Davis
A.M. Davis
Company Secretary
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