Afren: Holders of 95.2% of 11½% notes enter forbearance agreement

By Angela McDaniels

Tacoma, Wash., May 28 – Afren plc said the holders of 95.2% of its $450 million of 11½% senior secured notes due 2016 consented to enter into a forbearance agreement.

The consent solicitation ended at 5 p.m. ET on May 27. The deadline was extended from 5 p.m. ET on May 19.

Noteholders that entered into the forbearance agreement agreed to not 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.

Noteholders who entered into the forbearance agreement will receive a consent fee by Aug. 7. The amount of the fee was not disclosed.

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

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