Corral Petroleum to pay PIK interest on 15% notes, varying-rate notes

By Susanna Moon

Chicago, Dec. 23 – Corral Petroleum Holdings AB said it will pay interest in kind on its €135,643,913 of 15% senior notes due 2017 and $168,470,758 of 15% senior notes due 2017.

The company will pay interest as of Dec. 31 in the form of an additional 15% senior note due 2017 as permitted under the note terms, according to a press release.

Corral said it also will pay interest on its €78,588,101 varying-rate subordinated notes due 2019 and $35,058,579 varying-rate subordinated notes due 2019 as of Dec. 31 in the form of additional varying-rate subordinated notes due 2019.

Corral is the London-based holding company for Preem, an oil refiner based in Stockholm.

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