November 22 (SeeNews) - Bulgarian fuel retailer Petrol [BUL:5PET] said it will seek its bondholders' approval to extend the maturity of a 100 million euro ($106.3 million) bond issue due 2017.
At a meeting, which will take place on December 9 in London, Petrol will propose an extension to January 26, 2022 of the maturity date of the bonds, of which 18.7 million euro are outstanding, the company said in a bourse filing on the London Stock Exchange on Thursday.
Petrol will also propose to cut the bonds' coupon interest rate from 8.375% to 5.5% as of January 26, 2017.
Petrol also plans to replace its subsidiary Naftex Petrol with its fully owned company Elit Petrol - Lovech as guarantor of the bond issue.
To be accepted, the proposal needs to be backed by no less than 75% of the bondholders.
In April Petrol said it received a notice of resignation from The Bank of New York Mellon (BNY Mellon) as a trustee and agent on the eurobond issue.
In the first six months of the year, Petrol posted a consolidated net loss of 10.5 million levs ($5.7 million/5.4 million euro), compared to a loss of 100.1 million levs for the same period last year.
In September, Petrol proposed to increase the nominal value of its shares to 4 levs a piece from 1 lev via a reverse split, decreasing the number of its shares to 27,312,403, from 109,249,612.
On Monday, however, Petrol said in a filing with the stock exchange that its shareholders rejected the proposal.
($ = 0.9407 euro)