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Ncondezi to restructure loan

10th August 2018

By: Anine Kilian

Contributing Editor Online

     

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Aim-listed Ncondezi Energy has received a number of proposals to refinance or restructure its existing $5.1-million loan.

“In parallel to the good progress that has been made with its potential strategic partners over the last 12 months, the company has been considering a number of loan refinancing and restructuring options to settle the loan.

“The company has been encouraged by the improving terms of the refinancing options over this time; however, in considering these options, it has become clear that the loan would need to be restructured before any of the options could be successfully implemented,” chairperson  Michael Haworth said in a statement on Friday.

Amendments to the loan include a 12-month extension and a 12% interest rate.

 

It also includes the ability for lenders to swap debt for equity in part or in full at a conversion price of 10p a share, representing a premium of 33% to the closing share price on August 9.

 

To date, Ncondezi has received indications from lenders representing over 60% of the loan that they will accept the restructuring proposal, with no rejections.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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