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Forest Oil seen punishing bondholders with rarely used loophole

2014-12-21 16:24:16| Oil & Gas - Topix.net

Forest Oil Corp.'s bondholders are being punished by a rarely used loophole that's allowing the oil and gas producer to bypass repaying the debt above face value when a merger occurs, according to debt researcher Covenant Review. Forest Oil's bonds lost nearly half their value after the company revised its merger agreement with Sabine Oil & Gas LLC to eliminate an offer to redeem the debt at 101 cents on the dollar.

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