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Petrolia seeks holder approval to redeem, extend 12% bonds due 2012
By Susanna Moon
Chicago, Jan. 31 - Petrolia Drilling ASA holders are being asked to approve amending the company's NOK 500 million of 12% bonds due June 2012. A bondholder meeting will be held on Feb. 9.
The company is seeking to extend the maturity by three years to June 2015 and to redeem the bonds, according to a notice by trustee Norsk Tillitsmann.
There is NOK 344.5 million of the bonds outstanding, of which the company owns NOK 139.5 million.
Petrolia proposes canceling its NOK 139.5 million of bonds and repaying another NOK 55 million of bonds at par plus accrued interest.
After the redemption, there would be NOK 150 million of the bonds outstanding.
In order to do the pro rata redemption, the company is proposing to change the denomination of each to NOK 1 from NOK 500,000.
Petrolia Drilling, which was renamed Petrolia ASA, is a Norwegian publicly listed limited company that owns and charters drilling vessels for offshore, deepwater oil and gas exploration and development drilling. The company is based in Oslo.
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