Business
Completion of Debt Restructuring
Completion of Debt Restructuring.
About this update from Iofina Plc
[{"type":"text","content":"\n \nRNS Number : 5819U Iofina PLC 01 April 2019 \n\n \n1 April 2019\nIofina plc\n(\"Iofina\", the \"Group\", or the \"Company\")\n(LSE AIM: IOF)\n \n \nCompletion of Debt Restructuring\n \nExtension of Term and Removal of Debt Convertibility\n \nIofina, specialists in the exploration and production of iodine and halogen-based specialty chemical derivatives, is pleased to announce it has now finalised the debt restructure documentation with the terms detailed in the Company's announcement on 12 February 2019.\n \nCommenting, President and CEO Dr. Tom Becker stated: ''The Board is delighted to announce the completion of the debt restructuring documentation. This debt extension enables us to continue with our growth strategy, as we seek to take full advantage of the positive conditions in the global iodine market, and build our position as one of the industry's best operators.\"\n \n \nThe new terms are as follows:\n \nNotes:\n· Extension of repayment term to 1 July 2020\n· Removal of debt convertibility with Notes switching to a term loan\n· Interest rate adjusted to 7.5% beginning 1 January 2019\n· Interest paid to Noteholders quarterly in arrears from beginning of 2019\n \nFacility:\n· Extension of repayment term to 1 July 2020\n· Interest rate adjusted to 7.5% beginning 1 January 2019, rising to 12% on 1 June 2019\n· Interest paid to Stena quarterly in arrears from beginning of 2019\n \nDebt as at 31 December 2018 was comprised approximately of:\n· $22.37m under Notes\n· $3.26m under Facility\n \nOther existing provisions relating to the Notes and the Facility continue in effect. In particular, all debt may be repaid in whole or in part at any time without penalty, the Facility is to be repaid in priority to the Notes, and the entirety of the debt is secured against the assets of the Group.\n \nEnquiries:\n \nDr. Tom Becker, CEO & President\nIofina plc\nTel: +44 (0)20 3006 3135\n \nChristopher Raggett/Giles Rolls/Anthony Adams (corporate finance)\nCamille Gochez (ECM)\nfinnCap Ltd\nTel: +44 (0)20 7220 0500\n \nMedia Contact:\n...