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