Oro Negro Drilling seeks to amend $939.1 million 7½% notes due 2019

By Susanna Moon

Chicago, May 24 – Oro Negro Drilling Pte. Ltd. is asking for bondholder approval to amend its $939,100,570 of 7½% senior secured notes issue 2014/2019.

The bondholders’ meeting has been set for May 31 in Oslo.

Oro Negro is seeking to extend the interim budget period until July 24, according to a notice from bond trustee Nordic Trustee ASA.

That way, the issuer can continue to have access to restricted cash without being required to maintain a minimum liquidity of $4 million per rig.

The company also is seeking to clarify the payment of professional fees and to extend to July 1 the deadline to complete the initial payment redemption amount.

The issuer also is asking for other waivers and amendments.

Oro Negro said on April 18 that it received approval from its 2019 bondholders to merge 2015 bonds issued by Oro Negro Impetus Pte. Ltd. into the company’s 7½% senior secured issue 2014/2019.

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.