Pacific Rubiales starts exchange offer for 7¼% notes due 2021

By Jennifer Chiou

New York, Sept. 19 – Pacific Rubiales Energy Corp. announced the start of its offer to issue new 5 5/8% senior unsecured notes due 2025 in exchange for its existing 7¼% senior notes due 2021.

According to a news release, the purpose of the exchange offer is to improve the maturity profile of the company's existing debt, while reducing interest expense.

The offer will expire at 11:59 p.m. ET on Oct. 17.

For each $1,000 principal amount of existing notes, the company is offering $1,131.25 principal amount of new notes, including a $30.00 early participation payment for those who participate prior to 5 p.m. ET on Oct. 2.

Participating holders will also receive accrued interest.

Global Bondholder Services Corp. is the information and exchange agent (866 807-2200).

Pacific Rubiales, a Toronto-based producer of natural gas and crude oil, owns 100% of Meta Petroleum Corp., which operates the Rubiales, Piriri and Quifa heavy oil fields in the Llanos Basin, and 100% of Pacific Stratus Energy Colombia Corp., which operates the La Creciente natural gas field in the northwestern area of Colombia.

© 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.