Commodore International Ltd has agreement in principle with Prudential Insurance Co of America to issue $16m in new senior notes to redeem an equal amount of subordinated notes held by Prudential. The agreement, subject to negotiation of final terms and conditions, provides that $8m, which was due on March 1, will be due for repayment on December 31 1993, and the other $8m on March 1, 1994; Commodore and Prudential also agreed in principle to extend a March 1 $5m senior note repayment to December 31, and the company said it paid as scheduled the remaining $12.5m senior note maturities due to Prudential and to another of its lenders.
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