Trustee: Oro Negro restructuring complete; bonds issued as payment

By Caroline Salls

Pittsburgh, April 29 – The indenture trustee for Oro Negro Drilling Pte. Ltd.’s 7˝% senior secured bond issue 2014/2019 and Oro Negro Impetus Pte. Ltd.’s 11% first-priority senior secured bond issue 2014/2015 said the bond restructuring was completed, with payments to be made to bondholders of record as of April 27 to be made on April 29.

According to a notice from indenture trustee Nordic Trustee ASA, the restructuring was implemented by way of issuance of new 2019 bonds.

On the 2019 bonds, a $24 million installment that was due Jan. 24 will be paid at a price of 103.30476 through the issuance of 24.79 million 2019 bonds; a coupon that was due on Jan. 24 was to be settled on April 29 including payment of interest accruing at a rate of 12˝% since Jan. 24 through the payment of 27.15 million 2019 bonds; and accrued interest since Jan. 24, liquidity account utilization interest and a payment equal to 7.52301% for 95 days, all related to $677 million of principal, will be settled by payment of 13.44 million 2019 bonds.

On the 2015 bonds, a coupon due Sept. 30 was to be settled on April 29, including late payment interest accruing at a rate of 16.31575%, by payment of 6.79 million 2019 bonds; a coupon due on Dec. 4 was to be settled on April 29, including late payment interest accruing at a rate of 16%, by payment of 3.64 million 2019 bonds; and principal to be paid at a price of 106.4452, including late payment and liquidity account utilization interest, will be settled through payment of 186.28 million of 2019 bonds.

On April 18, Oro Negro announced that it had received approval from its 2019 bondholders to merge 2015 bonds issued by Oro Negro Impetus into the 7˝% senior secured issue through the issuance of bonds to each 2015 bondholder in exchange for their 2015 bonds and unpaid interest.

Following the completion of the merger, Oro Negro Impetus will become a subsidiary of Oro Negro Drilling. The parent would receive a security interest in Oro Negro Impetus’ assets, including its Impetus rig.

The oil and gas services company is based in Alvaro Obregon, Mexico.

© 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.