LONDON (Alliance News) - Lansdowne Oil & Gas PLC Thursday said it has extended the term of its senior secured loan note with a value of GBP1.9 million by six months.
The loan note was issued to LC Capital Master Fund Ltd in March 2015 and is now repayable on September 9, 2016. The loan note continues to carry a 10% annual coupon as before and carries no conversion rights.
The terms of the loan note also contain a redemption premium, which is calculated as 20% of the principal amount outstanding at March 8, 2016, the original repayment deadline. The redemption premium replaces the early repayment fee of 10%, Lansdowne said.
Fellow London-listed firm SeaEnergy PLC noted the announcement as it holds an 18.67% stake in Lansdowne.
Lansdowne shares were up 5.8% to 2.25 pence per share on Thursday morning whilst SeaEnergy shares were up 5.7% to 1.85 pence.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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