Prax shelves $250 million notes offering, cites market conditions

By Paul A. Harris

Portland, Ore., Feb. 11 – State Oil Ltd., the parent company of the Prax Group, has decided not to proceed with its proposed $250 million offering of senior secured notes at this time due to unsatisfactory market conditions, according to an informed source.

The U.K.-based midstream and downstream energy company will continue to monitor the market with a view to reoffering when market conditions improve, the source added.

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