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Press release from Marketwire

Paladin Energy Ltd Announces Settlement of Convertible Bond Issue of US$274 Million

Tuesday, May 01, 2012

Paladin Energy Ltd Announces Settlement of Convertible Bond Issue of US$274 Million09:00 EDT Tuesday, May 01, 2012PERTH, WESTERN AUSTRALIA--(Marketwire - May 1, 2012) -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). Further to the Company's announcement dated 23 April 2012, Paladin is pleased to announce the completion of its issue of US$274M of 6.00% senior, unsecured convertible bonds due 2017.Barclays Bank PLC (Barclays), Royal Bank of Canada and UBS AG, Australia Branch acted as Joint Bookrunners and Joint Lead Managers. The Sole Global Co-ordinator was Barclays.The proceeds of the issue will be used in part to fund Paladin's concurrent tender offer (Tender Offer) to acquire up to US$200M (or such higher amount as it determines in its absolute discretion) of its US$325M issue of convertible bonds due in March 2013, with any amount no applied to the Tender Offer being utilised to strengthen Paladin's balance sheet and pursue future growth opportunities. THE CONVERTIBLE BONDS OF PALADIN ENERGY LIMITED HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE US SECURITIES ACT, OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THE CONVERTIBLE BONDS MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ANY OTHER APPLICABLE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ANY OTHER APPLICABLE SECURITIES LAWS.Caution Regarding Forward-Looking Statements: Statements in this news release regarding the use of proceeds from the issue of Convertible Bonds to fund the Tender Offer, to strengthen the Company's balance sheet and to pursue future growth opportunities, are forward-looking statements. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ from those expressed or implied by such statements. There can be no guarantee such statements will be realised. In particular, there can be no assurance that any 2013 Bonds will be repurchased or that the funds raised will be sufficient to achieve the expected use of proceeds. Reference should be had to Paladin's public disclosure documents, including its most recent Annual Information Form, which are available under Paladin's profile at www.sedar.com, for a discussion of risk factors affecting the Company.ACN 061 681 098FOR FURTHER INFORMATION PLEASE CONTACT: Paladin Energy LtdIn Australia:John BorshoffManaging Director/CEO+61 8 9381 4366 or Mobile: +61 419 912 571john.borshoff@paladinenergy.com.auORPaladin Energy LtdIn Canada:Greg TaylorInvestor Relations Contact905 337-7673 or Mobile: 416 605-5120 (Toronto)greg.taylor@paladinenergy.com.au