Metro Exploration to redeem some 2016 bonds at $5 million on June 8

By Marisa Wong

Madison, Wis., June 5 – Metro Exploration Holding Corp. will redeem $4,891,470 of its senior secured callable bonds, issue 2014/2016, according to a notice from bond trustee Nordic Trustee ASA.

The company will redeem the bonds on June 8 at a price of 101.5 plus accrued interest for a total of $5 million.

Following the redemption, the outstanding principal amount will be reduced to $181,108,530 from $186 million.

As previously reported, the issuer has been exploring restructuring alternatives and discussing options with a group that controls more than two-thirds of the bonds.

Metro Exploration is a holding company with no business activity or assets other than a 60% ownership interest in Deep Sea Metro Ltd., which owns and operates two oil drillships.

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