Official: Afren Gets One Month Moratorium on Debt Repayment

Deprecated: mb_convert_encoding(): Handling HTML entities via mbstring is deprecated; use htmlspecialchars, htmlentities, or mb_encode_numericentity/mb_decode_numericentity instead in /var/www/nairametrics/wp-content/themes/nairametrics/functions.php on line 104

Further to its previous announcements, Afren has obtained from the lenders of the US$300m Ebok debt facility a deferral of the US$50m amortisation payment due on 31 January 2015 until 27 February 2015.

In addition, the Board has decided to utilise a 30 day grace period under its 2016 bonds with respect to US$15m of interest due on 1 February 2015 while the review of the capital structure and funding alternatives is completed.

The Company is continuing discussions with the advisers to the ad hoc committee of its largest bond holders regarding the immediate liquidity and funding needs of the business.  The Company is also having discussions with its existing stakeholders and new third party investors regarding recapitalising the Company.

Further announcements will be made in due course.

Press Release