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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: upanddown who wrote (16203)	12/27/2002 3:29:36 PM
From: aerosappy	Read Replies (1) of 206084

How do PGS investors feel about PGS exercising the grace period option to defer interest payments? Last week PGS elected to defer the preferred dividend (which does NOT create an Event of Default for 20 quarters of deferral): biz.yahoo.com Today, PGS said that the $11 million bond interest payment due 12/30/02 would not be paid until January '03: newsweb.no [excerpt: "PGS currently intends to pay such interest payments before the 30 days period expires."] I think that PGS exercising the grace period option is good if it indicates that a "global" debt solution might be forthcoming in January 2003 (or at least before the end of grace period). PGS issued senior unsecured notes in April 1998 -- $450 million at 7.1% maturing in March 2028 and $200 million at 6.6% maturing in March 2008. I cannot find current prices on these bonds. BondPage.com has shown other PGS bonds trading at 35% of par -- bondpage.com Rating: Caa3 / CCC Coupon: 8.150 Maturity: 07-15-2029 Asking Price: 35.412 (Note: these senior unsecured notes were issued in July 1999 for the Petrojarl Varg acquisition)

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