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Nighthawk And Trinity Both Agree Extensions On Lending Facilities

Mon, 18th Apr 2016 09:10

LONDON (Alliance News) - Nighthawk Energy PLC on Monday said it has received a waiver to certain covenants under its reserve-based lending facility, as Trinity Exploration & Production extended its debt repayment deadline once more.

Nighthawk said Commonwealth Bank of Australia has waived certain covenants on Nighthawk's reserve-based lending facility to April 28 to allow further time to agree to possible amendments to the covenant and debt repayment provisions in the facility.

Nighthawk said it expects new arrangements will have been agreed by the new deadline.

Trinity Exploration & Production, meanwhile, said it has secured its 27th extension to the moratorium on repayments relating to its outstanding debt balance of USD13.0 million with its lender Citibank.

The new extension will run to April 22, having been due to expire on April 15.

Nighthawk shares were up 2.2% to 1.15 pence, while Trinity shares were up 4.4% to 2.88p.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance