Printer Friendly

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


or: I. Joseph Massoud

Director of Corporate Development



David C. Collins, Robert L. Rinderman

Jaffoni & Collins Incorporated

212/505-3015 or
COPYRIGHT 1996 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1996, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Nov 22, 1996
Previous Article:TRC offers new service: Environmental Exit Strategies.
Next Article:International Verifact Inc. receives letter from American Banknote Corp.

Related Articles
Petroleum Heat and Power extends expiration date of debt holder consents.
Maxus Energy Corp. Announces Fixed Spread Tender Offer for Approximately $704 Million of Debt.
Abraxas Petroleum Corporation Announces Exchange Offer.
Norsk Hydro to Commence Exchange Offers and Consent Solicitations for Three Series of Debt Securities of Saga Petroleum.
Giant Industries Inc. Announces Commencement of Consent Solicitation for Its 9% Senior Subordinated Notes Due 2007.
Giant Industries Inc. Announces Receipt of Tenders and Consents in Connection with Its Tender Offer and Consent Solicitation for $150 Million of 9%...
Abraxas Commences Consent Solicitation of the Holders of Its 11 1/2% Notes.
Abraxas Petroleum Extends Consent Solicitation.
Abraxas Petroleum Extends Consent Solicitation.
Abraxas Petroleum Extends Consent Solicitation.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters