7th Mar 2014 09:35
LONDON (Alliance News) - Iofina PLC Friday said it had extended the redemption date of its USD15 million convertible bond with Stena Investment Sàrl by two years to May 15, 2017, while the coupon on the bond has been reduced to 6.0% a year from 6.5%.
Terms of the conversion have been modified so Stena may convert the bond at any time upon 28 days notice to Iofina at a conversion price of USD1.67, Iofina said.
"Iofina is pleased to enact these bond modifications, which provide the company with longer term financing and enhanced financial flexibility as it focuses on the build out and efficiencies of its production plants, increasing iodine derivative sales and securing customers for raw iodine product," said Chief Executive George Lantz in a statement.
Shares in Iofina were trading up 6.5% at 82.77 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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