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(Alliance News) - Sound Energy PLC on Wednesday said it is looking to extend the maturity date of EUR28.8 million worth of bonds.
The Morocco-focused upstream gas company said it has engaged with certain holders of the Luxembourg listed notes, which carry a 5.0% interest and mature in June next year.
Sound Energy hopes to amend the maturity date to June 21, 2025, a four-year extension. The company also wants to change the interest rate the notes bear until maturity to 2% annually.
As part of the proposals, Sound Energy said it also plans to issue noteholders with 245.5 million warrants to subscribe to new shares at 2.125 pence each.
Sound Energy shares closed 9.5% lower at 1.24p each in London on Wednesday.
By Eric Cunha; ericcunha@alliancenews.com
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