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
-
What will be the consequences of Donald Trump’s "One Big Beautiful Bill"?The US president’s "One Big Beautiful Bill", an extraordinary mix of tax cuts and spending plans, has made it through both houses of the US Congress. What will be the consequences?
-
'Labour’s next bright idea is a wealth tax – but it won't work'Opinion A wealth tax will make Britain poorer and accelerate the exodus of the wealthy, says Matthew Lynn.
