Afren extends solicitation of consents for default forbearance

New York, May 19 – Afren plc said it has extended the solicitation of consents to a forbearance agreement from holders of its $450 million of 11½% senior secured notes due 2016.

The deadline is now 5 p.m. ET on May 27, pushed back from 5 p.m. ET on May 19.

Holders are being asked not to take any action with regard to specified events of default, including to refrain from accelerating the notes because of the non-payment of $15 million of interest that was due on Feb. 1.

Afren will pay a consent fee. It did not publicly disclose the amount of the fee.

The fee will only be paid if holders of at least 75% of the notes deliver consents.

Afren is an oil and gas exploration and production company based in London.

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