Corral holds exchange offer for floating-rate notes, solicits consents

By Angela McDaniels

Tacoma, Wash., April 15 - Corral Petroleum Holdings AB is holding an exchange offer and consent solicitation for its €355 million and $350 million floating-rate split-coupon notes due April 15, 2010, according to a company news release.

The early consent deadline is April 19.

Further details of the offer were not disclosed.

The company must refinance the notes in order for subsidiary Preem AB to complete amendments to its credit facility.

Originally, Corral had until April 15 to issue the exchange notes without triggering an event of default under the credit facility. Preem received the consent of its lenders to extend this deadline beyond April 15.

Corral is the London-based holding company for Preem, an oil refiner based in Stockholm.

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