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.
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