Oil and gas producer Xcite Energy has closed on the issue of 10m dollars worth of unsecured loan notes to a fund managed by West Face Capital.
The notes have an initial term of 236 days and may, subject to West Face's approval, be extended by Excite for a further 360 days. They have an interest of 14% per annum, which is payable in arrears on four pre-agreed dates in each relavent year.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Excite can repay the loan notes any time after August 14th of this year, either in full or in part if it equals at least 10% of the outstanding amount,
The funds will be used to provide contingency funding during the important Phase 1A work programme on the Bentley field.
The share price rose 1.3% to 78p by 08:47.
NR
-
Norfolk or Norway? Holidays you can afford with different-sized pension potsMany people look forward to taking more holidays when they retire. But what sort of trips could your pension buy you? We look at the holidays to match different retirement incomes
-
Q&A: Issac Thong – new lead manager of Aberdeen Asian Income Fund
