Toreador Resources buys back $16.7 million in 5% convertibles due 2025 for $12.7 million

By Devika Patel

Knoxville, Tenn., April 20 - Toreador Resources Corp. said it has repurchased $16.7 million of its 5% convertible senior notes due 2025 for $12.7 million.

In addition, the company expensed $650,000 in prepaid loan fees attributable to the notes.

This repurchase will result in a gain of $3.3 million on the early extinguishment of debt, which will be recorded in the second quarter of 2009.

Toreador Resources is an oil and gas company based in Dallas with operations in Europe.

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