Mexico’s Oro Negro Drilling gets holder approval to amend 7˝% notes

By Tali Rackner

Norfolk, Va., May 31 – Oro Negro Drilling Pte. Ltd. obtained bondholder approval on Tuesday to amend its $939,100,570 of 7˝% senior secured notes due 2019, according to a notice from bond trustee Nordic Trustee ASA.

As previously reported, Oro Negro was seeking to extend the interim budget period until July 24.

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 was also looking to clarify the payment of professional fees and to extend to July 1 the deadline to complete the initial payment redemption amount.

In addition, the issuer asked 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 2019 bonds.

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

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