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16 Nov 2018 | 09:45

Ncondezi Energy extends maturity of key loan until November 2019

Ncondezi Energy said it had agreed to extend the maturity of a key $5.1m loan until November 2019.

The new interest rate on the loan was 12%, paid at maturity, which the company said represented a significant reduction in effective rates it had historically incurred.

The lenders would now have an option to swap debt for equity in full or in part, at a conversion price of 10.0p per share.

The restructure allowed for the company to progress 'various alternative refinancing options', Ncondezi said.

At 9:45am: (LON:NCCL) Ncondezi Energy Limited share price was +0.6p at 7.25p

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