Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/lucas-energy-announces-restructuring-of-existing-t.shtmlLucas Energy announces restructuring of existing term loan
Lucas Energy, Inc. has entered into an agreement to refinance and restructure its outstanding long-term loan.
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Lucas Energy, Inc. has entered into an agreement to refinance and restructure its outstanding long-term loan. The existing loan has an outstanding balance of $7.3 million, carries an annual interest rate of 12%, and requires amortizing principal payments from March 2014 to maturity in August 2015.
Under the amended agreement, Lucas will defer amortizing principal payments during the six-month period from April through September 2014, and interest will accrue at an annual rate of 15% during such deferral period. Beginning in October 2014, the interest rate will return to 12% per annum and Lucas will pay the monthly amortization amount in accordance with the original schedule and will pay an additional principal payment of approximately $266,000 per quarter until maturity.
