Ncondezi Energy Gets Support ‘In Principle' for Debt Restructuring

Ncondezi Energy Limited has received support “in principle” for a restructuring of an outstanding US$4.3mln loan plus interest, Proactive reported. The restructuring involves a 12-month extension on existing terms, including 12% annual interest rate and the ability for lenders to swap debt for equity in part or in full at a conversion price of 10p per share. Ncondezi can also nominate to pay the loan off through the issue of shares at a 25% to 30% premium to the 30-day average price. Half of the amount owed is to Ncondzei’s largest shareholder while 45% is held by the board and management. The loan matures on 30 November and comprises US$2.1m principal and US$2.2m rolled-up interest. Completion of the restructuring is expected by the end of the year. Read more