Iona Energy outstanding 9½% bond amount to be reduced to $3.5 million

By Caroline Salls

Pittsburgh, May 3 – The indenture trustee for Iona Energy Co. (UK) Ltd.’s 9½% secured callable bond issue 2013/2018 said the outstanding principal amount of the bonds will be reduced to $3.5 million following a cancellation of bonds scheduled to settle on May 10.

Trustee Nordic Trustee ASA said $282.57 million of bonds will be cancelled.

The record date for the transaction is May 8.

The trustee said all unpaid interest under the bond issue will be released and cancelled in full.

Iona Energy is a Calgary, Alta.-based oil and gas company with assets in the United Kingdom’s North Sea.

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