Fram Exploration pays interest late on 13% convertibles by two days

By Susanna Moon

Chicago, April 26 - Fram Exploration ASA delayed paying interest on the company's 13% senior secured convertible bonds due 2015 by two days due to a technical error, according to a notice by trustee Norsk Tillitsmann ASA.

The company paid interest on April 26, which was calculated based on 182 days. The bond agreement actually called for interest to be due on April 24, based on 180 days.

The next interest payment will be calculated from April 26 to Oct. 24, based on 178 days, the notice said.

The convertibles were issued in 2012.

Fram Exploration is an oil and gas company based in Trondheim, Norway.

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