10th Feb 2015 08:09
LONDON (Alliance News) - Shares in Alpha Pyrenees Trust Ltd shot higher on Tuesday morning after the company said it reached a deal with Barclays Bank PLC to extend the maturity of its EUR271 million financing facility.
Alpha Pyrenees said the maturity date on the funding package has been extended to May 11 this year.
The trust said it is compliant with its borrowing covenants on the test date of Tuesday and said no further tests are scheduled before the new maturity date.
"This extension of the maturity date provides additional time for the company to progress refinancing options including the potential refinancing of assets by third party lenders and potential asset sales," Alpha said in a statement.
Shares in the trust were up 29% to 1.9 pence on Tuesday morning, the best performer in the London Main Market.
By Sam Unsted; [email protected]; @SamUAtAlliance
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