Sweden’s Corral to raise PIK notes due 2021

Swedish oil refiner Corral Petroleum Holdings priced its € 570m, 11.750% / 13.250% Senior PIK Toggle Notes and an SEK 500m, 12.250% / 13.750% Senior PIK Toggle Notes, both due 15 May 15 2021.

The Euro notes were priced at 98.578% of their principal amount and the SEK notes were priced at 99.043% of their principal amount.

Interest on each of the notes is semi-annual in nature, on 1 July and 1 January of each year, commencing on 1 January 2017.

The proceeds from the offering will be used to repay its existing $613m, 15% euro-denominated and dollar-denominated senior notes due 31 December 2017, with the remainder to be retained by Corral for the purpose of making cash interest payments on the Notes.

Source: Company Press Release

Advertisements

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s