Petroamazonas gets extension – Latin Finance
Petroamazonas, one of two state-owned oil companies in Ecuador, said that creditors agreed to accept late interest payments and put off the maturity date of its 2020 bonds by almost a year.
The company needed consent from holders of at least 75% of the $175 million in outstanding 4.625% 2020 notes to get the extension. In the end, investors with 98.9% of the notes agreed to the proposal, Petroamazonas said in a statement on Monday.
A group that holds roughly 60% of the outstanding 2020 notes, represented by White & Case, had already agreed to the proposal when Petroamazonas announced it on April 28.
To read the full article on Latin Finance, click here.