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Sound Energy completes bond restructuring
StockMarketWire.com
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Moroccan-focused upstream gas company, Sound Energy has successfully announced the completion of bond restructuring as a result of the Noteholders approval.
At the Noteholder meeting, a quorum was reached with voting instructions representing EUR 22.4m of the Notes lodged by holders of the Notes (Noteholders) with 96.88% of votes cast in favour of the proposals.
The maturity date of the Notes will be extended by six years from 21 June 2021 to 21 December 2027. The outstanding principal amount of the Notes will be partially amortised, at a rate of 5% every six months, starting on 21 December 2023.
The Notes shall bear until maturity 2% cash interest paid per annum (the Cash Interest) and 3% deferred interest per annum to be paid at redemption (the Deferred Interest) for the period commencing on 21 June 2021 (in place of 5% cash interest per annum).
Graham Lyon, Sound Energy's executive chairman, commented: I am pleased that Sound Energy has now successfully completed the restructuring of its loan note obligations.
This new arrangement removes one of the constraints in progressing the development of the Tendrara TE-5 horst development.
I would like to thank the Noteholders for working closely with Sound Energy to develop a solution that benefits all stakeholders. The Company is now well into the contracting and approval processes which will consequently deliver the phase 1 Micro LNG 'notice to proceed.' At 1:42pm: (LON:SOU) Sound Energy PLC share price was 0p at 1.38p
Story provided by StockMarketWire.com
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