Corral Petroleum Holdings AB launches offering of senior pik toggle notes due 2021
LONDON — April 19, 2016. Corral Petroleum Holdings AB (publ) (together with its subsidiaries, “Corral”) today announced that it has launched an offering of $700 million (equivalent) aggregate principal amount of senior PIK toggle notes due 2021 consisting of euro-denominated and dollar-denominated tranches.
Corral Petroleum Holdings AB (publ) (together with its subsidiaries, “Corral”) today announced that it has launched an offering of $700 million (equivalent) aggregate principal amount of senior PIK toggle notes due 2021 consisting of euro-denominated and dollar-denominated tranches (collectively, the “Notes”) pursuant to Rule 144A and Regulation S under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”). The proceeds from the offering will be used to repay in full the $613 million (equivalent, as of March 31, 2016) outstanding under Corral’s 15% euro-denominated and dollar-denominated senior notes due December 31, 2017 and to pay costs, fees and expenses in connection with the offering, with the remainder to be retained by Corral for the purpose of making cash interest payments on the Notes. On the issue date, subject to certain perfection requirements, Corral’s parent, Moroncha Holdings Co. Limited, will grant in favour of the holders of the Notes, a first priority pledge of all outstanding shares of capital stock of Corral.
Corral is the largest oil refining company in the Nordic Region by production capacity with two technologically advanced refineries and a leading fuel distribution and retail network in Sweden. For the year ended December 31, 2015, we had sales revenue of SEK 66,006 million ($7,903 million or €7,226 million) and adjusted EBITDA of SEK 5,428 million ($650 million or €594 million).
This announcement is for informational purposes only and is neither an offer to sell nor a solicitation to buy any of the Notes. This announcement shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. The Notes have not been registered under the U.S. Securities Act, or under any U.S. state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The Notes will be offered only to qualified institutional buyers pursuant to Rule 144A and to persons who are not U.S. persons (as defined in Regulation S under the U.S. Securities Act) outside the United States pursuant to Regulation S under the Securities Act, subject to prevailing market and other conditions. In any member states of the European Union, an offer is made exclusively to legal entities which are qualified investors as defined in the Prospectus Directive 2003/71/EC, as amended from time to time (the “Prospectus Directive”). No prospectus is required in accordance with the Prospectus Directive and Regulation (EC) No. 809/2004. No money, securities or other consideration is being solicited with this announcement and, if sent in response to the information contained herein, will not be accepted.
This announcement includes forward-looking statements. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes, ‟estimates”, ‟anticipates”, “expects, ‟intends”, ‟may”, ‟will” or “should” or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts and include statements regarding Corral’s or its affiliates’ intentions, beliefs or current expectations. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Readers are cautioned that forward-looking statements are not guarantees of future performance or activity. There is no assurance that the offering will be completed or, if completed, as to the terms on which it will be completed.
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