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Petroleum Heat and Power extends expiration date of debt holder consents.

STAMFORD, Conn.--(BUSINESS WIRE)-- Nov. 22, 1996--Petroleum Heat and Power Co., Inc. ("Petro") (Nasdaq: HEAT) announced today that it is extending, until December 4, 1996, the expiration date of the Consent Solicitation to the holders of its 10 1/8% Subordinated Notes due 2003, 12 1/4% Subordinated Debentures due 2005 and 9 3/8% Subordinated Debentures due 2006 (collectively the "Securities") with respect to certain amendments to the respective indentures to which the Securities were issued. Petro intends to communicate to the holders certain modifications to the terms of the consents. The Consent Solicitation had been scheduled to expire November 22.

Consents are being solicited in connection with the proposed incurrence by the Company of indebtedness: (a) to refinance $82.9 million of the Company's debt and preferred stock, of which $72.5 million is maturing over the next two years, with the balance maturing through 2001; (b) to fund the costs and fees associated with this refinancing; and (c) to provide additional capital for, among other uses, the Company's operational restructuring and acquisition program.

Petroleum Heat and Power Co., Inc. is the largest retail distributor of home heating oil in the nation, serving approximately 400,000 customers in the Northeast and Mid-Atlantic states, including the metropolitan areas of Baltimore, Boston, Hartford, New York, Providence and Washington, D.C.

CONTACT: Petroleum Heat and Power, Stamford

George Leibowitz

Senior Vice President

203/325-5470

or: I. Joseph Massoud

Director of Corporate Development

203/325-5458

or

David C. Collins, Robert L. Rinderman

Jaffoni & Collins Incorporated

212/505-3015 or

dccjci@aol.com
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Publication:Business Wire
Date:Nov 22, 1996
Words:259
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