10th Aug 2018 08:59
LONDON (Alliance News) - Ncondezi Energy Ltd said Friday it has sought approval from lenders to amend and extend its existing USD5.1 million loan.
The Mozambican power producer has submitted a restructuring proposal to lenders which includes a 12-month loan extension and 52% reduction in interest rate to 12%. The proposal also seeks approval for lenders to swap debt for equity and for Ncondezi to redeem the loan before maturity in full or in part.
To date, Ncondezi has received indications from lenders representing over 60% of the loan that they will accept the restructuring proposal, with no rejections. The balance of lenders, including one party representing 37% of the loan, are to be engaged within the near future.
Shares in Ncondezi were up 1.3% at 7.60 pence each on Friday morning.
Related Shares:
NCCL.L