Echo Energy PLC Successful Debt Restructuring (2935X)
19 Décembre 2023 - 9:24AM
UK Regulatory
TIDMECHO
RNS Number : 2935X
Echo Energy PLC
19 December 2023
19 December 2023
Echo Energy plc
("Echo" or the "Company")
Successful Debt Restructuring
Echo Energy PLC (Company) is pleased to announce it has
successfully restructured it's GBP1.0 million loan originally
provided to the Company in March 2017. The purpose to the
restructuring was to extend the term whilst also reducing the
overall level of debt and preserving cash balances by avoiding
further interest payments.
The Loan has been extended to 30 November 2025 with the current
principal and accrued interest to date has been reduced by 10%,
such that the total amount outstanding as at 30 November 2023
stands at GBP898,028.14; a new lower interest rate of 2% pa has
also been agreed, which will be rolled up and paid at maturity. The
Company has agreed to pay a GBP15,000 fee to the lender.
Stephen Birrell, the Company's CEO commented:
"I am delighted with the support shown by our lender, the
Spartan Fund Limited SAC. Echo is full steam ahead originating and
negotiating multiple business development opportunities and we look
forward to updating investors in due course."
This announcement contains inside information.
- Ends -
For further information please contact:
Echo Energy via Vigo Communications
Stephen Birrell, Chief Executive Officer
Cavendish Capital Markets Limited (Nominated Tel: 44 (0)20 7220
Adviser) 0500
Adrian Hadden
Ben Jeynes
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END
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