Gasol announced that it has agreed terms with Banque Benedict Hentsch & Cie for the new terms for its maturing convertible loan facility.
The facility has been extended by one year to a new maturity date of 30 December, 2014. The remaining 50% of the maturing facility has been repaid from cash.
Repayment will be made either in cash or in Gasol’s shares (priced at a 10% discount to the mid-market closing price on the day before repayment).
Under the revised payment terms, Gasol will award BBH 120,000 warrants for subscription of up to 120,000 ordinary shares of Gasol at an exercise price of 30p per share. The warrants can be exercised in whole or in part at any time up to 7 January, 2015.
LNG World News Staff, December 31, 2013; Image: Gasol