Serinus Energy PLC Deferral of EBRD debt repayment (8470Q)
June 24 2020 - 1:00AM
UK Regulatory
TIDMSENX
RNS Number : 8470Q
Serinus Energy PLC
24 June 2020
24 June 2020
Press Release
Deferral of EBRD debt repayment
Jersey, Channel Islands, 24 June 2020 -- Serinus Energy plc
("Serinus", "SEN" or the "Company") (AIM:SENX, WSE:SEN), announces
that the Company and the European Bank of Reconstruction and
Development ("EBRD") have agreed to defer the debt repayment due on
30 June 2020.
In connection with the current COVID-19 and the short-term
effects on economic activity generally, the Company had requested
that the scheduled repayment of principal due to made by 30 June
2020, under the Convertible Loan Agreement, be deferred. Under the
terms of the deferral the Company will pay US$2.0 million of the
debt payment obligation due on 30 June 2020, with the remaining
US$6.44 million of the debt obligation deferred for 12 months.
Under the deferral agreement, the Company will undertake with the
EBRD to restructure the terms and conditions of the Convertible
Loan Agreement, and of the Financing Agreements, no later than 18
December 2020.
The Company has also received a formal waiver from the EBRD in
relation to the debt service covenant on its Convertible Loan for
the period ending 30 June 2020.
About Serinus
Serinus is an international upstream oil and gas exploration and
production company that owns and operates projects in Tunisia and
Romania.
For further information, please refer to the Serinus website
(www.serinusenergy.com) or contact the following:
Serinus Energy plc
Jeffrey Auld, Chief Executive Officer
Andrew Fairclough, Chief Financial Officer
Calvin Brackman, Vice President, External
Relations & Strategy +1 403 264 8877
WH Ireland Limited
(Nominated Adviser and Joint Broker)
Katy Mitchell
Harry Ansell (Broker)
Lydia Zychowska +44 (0)20 7220 1666
A rden Partners plc
(Joint Broker)
Paul Shackleton / Dan Gee-Summons (Corporate
Finance)
Fraser Marshall (Equity Sales) +44 (0) 20 7614 5900
Camarco
(Financial PR - London)
Billy Clegg
Owen Roberts +44 (0) 20 3781 8334
TBT i Wspólnicy
(Financial PR - Warsaw)
Katarzyna Terej +48 22 487 53 02
Translation : This news release has been translated into Polish
from the English original.
Forward-looking Statements This release may contain
forward-looking statements made as of the date of this announcement
with respect to future activities that either are not or may not be
historical facts. Although the Company believes that its
expectations reflected in the forward-looking statements are
reasonable as of the date hereof, any potential results suggested
by such statements involve risk and uncertainties and no assurance
can be given that actual results will be consistent with these
forward-looking statements. Various factors that could impair or
prevent the Company from completing the expected activities on its
projects include that the Company's projects experience technical
and mechanical problems, there are changes in product prices,
failure to obtain regulatory approvals, the state of the national
or international monetary, oil and gas, financial , political and
economic markets in the jurisdictions where the Company operates
and other risks not anticipated by the Company or disclosed in the
Company's published material. Since forward-looking statements
address future events and conditions, by their very nature, they
involve inherent risks and uncertainties and actual results may
vary materially from those expressed in the forward-looking
statement. The Company undertakes no obligation to revise or update
any forward-looking statements in this announcement to reflect
events or circumstances after the date of this announcement, unless
required by law.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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June 24, 2020 02:00 ET (06:00 GMT)
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