STOCKHOLM, Oct. 1, 2019 /PRNewswire/ -- Corral Petroleum Holdings AB (publ) ("Corral"), the parent company of Preem AB (publ) ("Preem"), today can confirm that the Corral group has signed up to new financing sources (collectively, the "New Financing Sources"). The date for completion and funding pursuant to the New Financing Sources has not yet been scheduled. Completion and funding remain subject to customary closing conditions.
The use of proceeds from the New Financing Sources is intended to include the complete pay-off of Preem's current $1,542 million revolving credit facility as well as the optional redemption of the €570 million (11.750% / 13.250%) Senior PIK Toggle Notes and the SEK500 million (12.250% / 13.750%) Senior PIK Toggle Notes previously issued by Corral (collectively the "2021 Notes").
Please note that this press release does not constitute a notice of redemption of the 2021 Notes, nor does it constitute an offer to sell, or a solicitation of an offer to purchase, any securities in any state or jurisdiction whatsoever.
For further information, please contact:
Investor Relations Manager
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SOURCE Corral Petroleum Holdings AB