Peninsula Energy announces agreement to repay majority of outstanding loans

Peninsula Energy Limited (ASX: PEN) has announced that it has reached an agreement with Resource Capital Fund VI L.P, Pala Investments limited and entities associated with Investment Fund Collins Street Value Fund on the terms of proposed restructure of the existing US$17 million convertible note facilities. Key highlights of the announcement are as follows:

  • Agreement to repay most outstanding loans through partial contract monetisation.
  • If monetisation completed by 30 April 2020, Extension of debt repayment date of residual debt to 22 April 2021.
  • If monetisation does not complete by 30 April 2020, the outstanding loan amounts will become due and payable by 31 October 2020.
  • Residual Debt amended to straight term loans, interest rate reduced by two percentage points and reduced the financial undertaking on residual debt.Â

Comment


Disclaimer

Ad

GET A FREE STOCK REPORT


Top Penny Picks under 20 Cents to Fit Your Pocket! Get Exclusive Report on Penny Stocks For FREE Now.


   
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK