According to the new terms, the maturity date of the bonds will be extended to May 31, 2022, interest rate will stay at 2.5% and the conversion price will be 20% more than whichever is higher of the average volume weighted average price of the company’s shares between now and March 22, 2017, or GBP 0.62.
“All seven members of the ad hoc committee, representing 47% of the convertible bonds, have now locked up to the above terms,” Premier said in a statement.
Still, the company needs the agreement of the holders of at least 50% of the bonds in order to force through the amendment of the terms at a meeting of the convertible bondholders.
“In the event that the extraordinary resolution fails and Premier has to implement the amendments through an alternative mechanism, equity warrants will only be issued to convertible bondholders who have locked up prior to the meeting,” the statement added.
Spain's Iberdrola plans to triple its offshore wind assets in the coming years, bringing their value to USD 18 billion,… Read More
Saipem has been awarded a USD 850-million contract for subsea works in Angola by local BP-Eni joint venture Azule Energy,… Read More
Arrow Exploration has spud a new production well on the Tapir block in Colombia’s Llanos Basin, the company announced on… Read More
Petronas has made a third oil and gas discovery in Suriname's offshore Block 52, the Malaysian company announced on Wednesday Read More
Japanese power generation player JERA on Thursday announced plans to invest USD 32 billion in LNG, renewables and new fuels… Read More
Chevron is planning to exit its North Sea operations after 55 years of activity in the oil hotspot, Reuters reported… Read More
This website uses cookies.