8th Apr 2015 09:33
LONDON (Alliance News) - Gulf Keystone Petroleum Ltd on Wednesday said its noteholders have almost unanimously approved its plan to remove the book equity ratio covenant from its USD250 million loan notes due in 2017.
Gulf Keystone will pay a consent fee of USD1.25 million for the approval, which was approved by 99% of holders voting on Tuesday. Voters represented 89% of all holders, Gulf Keystone said.
In a note, broker Cantor Fitzgerald said the approval effectively means the company will no longer have to pay the full liability 60 days following the publication of its full-year results, expected at the end of April.
Gulf Keystone shares were up 3.0% to 38.88 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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