IOG PLC - UK-focused offshore gas developer - Says holders have formally approved proposed short-term bond amendments regarding its EUR100 million senior secured bonds. Notes move will help stabilise business and deliver value.
Last week, IOG requested that its interest payment due on June 20 is deferred until July 31, and that its minimum interest cover ratio requirement is waived. Earlier in June, IOG had said its balance sheet was under pressure from the recent pull-back in natural gas prices, noting it would attempt to "to secure pre-emptive waivers of potential covenant breaches" and agree measures to allow it to weather the period of weaker gas prices.
Current stock price: 4.50 pence, up 15% on Thursday
12-month change: down 84%
By Sabrina Penty, Alliance News reporter
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