Corral Petroleum starts roadshow for $700 million equivalent two-part PIK toggle notes offering

By Paul A. Harris

Portland, Ore., April 19 – Corral Petroleum Holdings AB started a roadshow on Tuesday for a $700 million equivalent offering of five-year PIK toggle notes, which will be sold in dollar- and euro-denominated tranches, according to a market source.

The deal will be on a roadshow in Europe for the remainder of the present week. A roadshow in the United States is scheduled to follow in the week ahead.

Deutsche Bank has the books.

Tranche sizes remain to be determined.

The notes come with three years of call protection.

Corral Petroleum, a London-based holding company for Preem, an oil refiner based in Stockholm, plans to use the proceeds to refinance its 15% senior PIK notes due 2017.

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