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Sound Energy to extend maturity, lower interest rate on corporate bonds
StockMarketWire.com
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Morocco focused oil company Sound Energy said it was planning to restructure corporate bounds to extend their maturity date and lower their interest rate.
The proposals followed discussions with certain holders of the company's Luxembourg-listed €28.8 million 5.0% senior secured notes due 2021.
Sound Energy said it was seeking the consent of note holders to amend the maturity date from 21 June 2021 to 21 June 2025.
The interest rate the notes would bear until maturity would be reduced to 2% from 5%.
The proposal would also see note holders issued with 245.4 million warrants at an exercise price of 2.125 pence per share.
The warrants would be exercisable from the date of issuance until the maturity date of the notes.
Sound Energy said it had cash of around £5.9 million at the end of September.
'Upon the noteholders' approval of the proposal ... the board anticipate that the company's cash resources remain sufficient to meet the company's working capital requirements through to April 2021,' it said.
At 2:45pm: (LON:SOU) Sound Energy PLC share price was -0.03p at 1.34p
Story provided by StockMarketWire.com
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