Petrolia completes last portion of three-part 12% bond repurchase

By Jennifer Chiou

New York, June 19 – Petrolia Norway ASA said it has closed the final part of the three-part buyback of its then-outstanding NOK 344.5 million of 12% bonds announced in 2012.

According to a news release, Petrolia purchased the bonds (ISIN NO0010440258) for NOK 22,999,998, leaving NOK 55,999,998 outstanding.

When the purchase program was announced, the company said it would purchase an equal amount of bonds in three stages at a price of 99.

As previously reported, the company received the bondholder approval to extend the 12% bonds to June 2017.

Oslo-based Petrolia owns and charters drilling vessels for offshore, deepwater oil and gas exploration and development.

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