Business
Reprofiling of existing Debt Facilities
Reprofiling of existing Debt Facilities.
About this update from Forgent Plc
[{"type":"text","content":"\n \n \n RNS Number : 5235O\n EQTEC PLC\n 01 June 2020\n \n \n \n \n 1 June 2020\n \n \n \n \n \n EQTEC plc\n \n \n (\"EQTEC\", the \"Company\" or the \"Group\")\n \n \n \n \n \n Reprofiling of existing Debt Facilities\n \n \n \n \n \n EQTEC plc (AIM: EQT), the technology solution company for waste gasification to energy projects, today announces it has reached agreement to reprofile the payment obligations with its lenders, resulting in, inter alia, the extension of the maturity dates to 30 June 2021 (the \"Debt Reprofiling\"). \n \n \n \n \n \n The Company currently has two major lenders, being Altair Group Investment Ltd (\"Altair\") and the \"Riverfort Lenders\" (being, collectively, Riverfort Global Opportunities PCC Ltd (formerly Cuart Investments Fund) and YA II PN, Ltd). As part of the Debt Reprofiling, Altair and the Riverfort Lenders have agreed to extend the maturity date for their respective loans, as well as agreeing to certain other changes to the commercial terms of such loans, as detailed below. \n \n \n \n \n \n Altair Loan Facility \n \n \n \n \n \n As announced by the Company on 28 June 2019, the Company and Altair agreed to amend and restate the secured loan facility between the parties (the \"Altair Loan Facility\"). As at the close of business on 31 May 2020, the outstanding principal under the Altair Loan Facility was £860,000 and there was £96,370 of accrued and unpaid interest. Interest accrued on the principal amount of the loan at a rate of 12.5 per cent. per annum. The outstanding principal and accrued interest were due to be repaid to Altair on 31 July 2020 and the Company was also required to pay Altair a redemption fee of 8 per cent. on the sum due for payment (the \"AltairRedemption Fee\"). Altair had a right, at its sole discretion, to convert the outstanding principal and interest\n , in part or in full, at any time up to 31 July 2020 into new ordinary shares of €0.001 each in the capital of the Company (\"Ordinary Shares\") at a price of 0.66 pence per share. The Altair Redemption Fee is not payable on any debt converted in this manner. However, Altair can only elect to convert if such exercise would not trigger an obligation under Rule 9 of the Irish Takeover Rules to make a general offer for the balance of issued shares in the capital of t...