Hopefully more drilling for GDG18 Dec 2016 11:02
Green Dragon Gas Ltd
15 December 2016
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15 December 2016
GREEN DRAGON GAS LTD.
("Green Dragon" or the "Company")
GIC US$50 million Convertible Bond Extension
Green Dragon Gas Ltd. (LSE: GDG), one of the leading independent gas development and production companies in China,�is�pleased�to�announce�that it has reached agreement with GIC Private Limited ("GIC") to extend the maturity of the US$50 million convertible bond entered into in June 2014 (the "Bond").
Under the agreement, the Bond remains unsecured, has a revised coupon of 10% and a maturity date extended to 31 December 2020 (subject to a one-time redemption option exercisable by GIC on the current maturity). The Bond is convertible into ordinary shares at a conversion price of US$2.83 per share representing a 25% premium over the 13 December 2016 closing price.
At final maturity of the Bond, GIC has the right to require the Company to purchase its conversion shares at a price based on the 90 day VWAP calculated as of 31 December 2020 and to be settled prior to 30 April 2021.