Phoenix Global Resources PLC - upstream oil and gas company - Mercuria Energy Netherlands BV agrees to increase current bridging facility lent to company a further USD41 million, while discussions continue on the restructuring of the USD291 million revolving convertible facility lent to Phoenix Global.
On June 30, Mercuria provided a facility, of which USD281 million was drawn down. The remaining balance of USD10 million was made available through a convertible bridging facility, and since then has been increased to USD31 million in tranches while debt restructuring discussions continue.
The main facility has a maturity date of December 31, and has an interest rate of USD Libor plus 4%.
Current stock price: 4.76 pence, down 12%
Year-to-date change: down 3.8%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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