1st Apr 2019 10:07
LONDON (Alliance News) - Iofina PLC on Monday said it completed a previously announced debt restructuring, extending its loan notes and term loan facility provided by Stena Investment Sarl to 2020.
Iofina shares were trading up 3.8% at 15.57 pence each.
Iofina produces iodine and specialty chemical derivatives of iodine from iodine extraction plants that it operates in the US states of Kentucky, Montana, and Oklahoma.
"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," Chief Executive Officer Tom Becker said.
The repayment date for the company's convertible loan notes and loan facility has been extended to July 1, 2020. Iofina also has secured the removal of debt convertibility with the loan notes switching to a term loan.
The interest rate on the loan notes and facility has been adjusted to 7.5%, effective from the start of January. However, interest rates on the facility will rise to 12% on June 1.
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