Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers Tenders > Headlines for 2003 > News item |
Frontier calls 8% notes
New York, Oct. 7 - Frontier Oil Corp. called for redemption the $220 million 8% senior notes due 2013 issued by Frontier Escrow Corp. in anticipation of the completion of Frontier's merger with Holly Corp.
The notes have been held in escrow since their issuance on April 17. Release of the funds from escrow was dependent on the closing of the merger with Holly.
The Houston oil refining company will redeem the notes on Oct. 10 at a price of 101% of par plus accrued interest through Oct. 9.
On Aug. 20, Frontier announced that Holly had repudiated the March 30, 2003 merger agreement and that it had filed a lawsuit against Holly in Delaware Chancery Court. On Sept. 2, Holly filed a counterclaim against Frontier, alleging, among other things, that Frontier had breached the March 30 merger agreement. Trial on the related actions has been scheduled to begin in Delaware on Dec. 8.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.