Last Post Geopark NOT GTE Sorry27 Feb 2018 20:19
Massive Apologies NOT GTE - but info to Geopark - See Debt Covenants Borrowings (Continued)
(a) During September 2017, the Company successfully placed US$ 425 million notes which were offered to qualified institutional buyers in accordance with Rule 144A under the United States Securities Act, and outside the United States to non-U.S. persons in accordance with Regulation S under the United States Securities Act. The Notes carry a coupon of 6.50% per annum. Final maturity of the notes will be 21 September 2024. The Notes are secured with a pledge of all of the equity interests of the Company, directly or indirectly, in GeoPark
(b)
Colombia Co�peratie U.A. and GeoPark Chile S.A.. The indenture governing our Notes due 2024 includes incurrence test covenants that provides among other things, that, during the first two years from the issuance date, the Net Debt to Adjusted EBITDA ratio should not exceed 3.5 times and the Adjusted EBITDA to Interest ratio should exceed 2 times. Failure to comply with the incurrence test covenants does not trigger an event of default. However, this situation may limit the Company�s capacity to incur additional indebtedness, as specified in the indenture governing the Notes. Incurrence covenants as opposed to maintenance covenants must be tested by the Company before incurring additional debt or performing certain corporate actions including but not limited to dividend payments, restricted payments and others, (other than in each case,
certain specific exceptions). As of the date of these interim condensed consolidated financial statements, the Company is in compliance of all the indenture�s provisions and covenants.
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