Bulgaria's Petrol buys €11.78 million 8 3/8% notes via tender offer

By Angela McDaniels

Tacoma, Wash., Oct. 12 - Petrol AD purchased and canceled €11,779,000 of its 8 3/8% guaranteed notes due Oct. 26, 2011, according to a company news release.

The company invited holders to tender up to €10 million of the €98,817,000 outstanding notes in a tender offer and consent solicitation that began on Sept. 13 and ended at 5 a.m. ET on Oct. 4.

The purchase price was €850 per €1,000 principal amount of notes plus accrued interest. The settlement date was Oct. 12.

At a meeting on Oct. 5, the noteholders voted in favor of amendments to the terms and conditions of the notes that extended the maturity date to Jan. 26, 2012 and allowed the company to make the Oct. 26 interest payment on the extended due date.

The company also asked holders to discharge and exonerate the trustee from any and all liability for any act or omission for which it may have become responsible under the trust deed in connection with the extraordinary resolution.

The notes are guaranteed by Naftex Petrol EOOD.

The dealer manager was Adamant Capital Partners AD (attn: Tatyana Stanoykova at 359 2 422 5970 or tstanoykova@acp.bg). The tender and tabulation agent was Bank of New York Mellon (44 20 7964 4958 or debtrestructuring@bnymellon.com).

Sofia, Bulgaria-based Petrol is a fuel distributor.

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