Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/niko-resources-provides-corporate-update-4.shtmlNiko Resources provides corporate update
Niko Resources Ltd. has reached an agreement with the institutional lenders of its US$340 million senior term loan facilities to further extend the dates of the previously
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Niko Resources Ltd. has reached an agreement with the institutional lenders of its US$340 million senior term loan facilities to further extend the dates of the previously announced third amendment to the facilities agreement and related forbearance agreement in order to provide the Company with additional time to pursue its strategic plan.
Subject to certain conditions, the key terms of the extensions are as follows:
•Extension of the waiver of certain financial covenants and undertakings until November 15, 2015; •Restrictions until November 30, 2015 on any interest or other payments under the indenture governing the Company's 7% senior unsecured convertible notes due December 31, 2017 (the "Notes"), and under the terms of the agreement entered into with Diamond Offshore (the "Diamond Settlement Agreement"); and •Agreement from the lenders not to act until after November 15, 2015 on any rights or remedies arising directly from the failure by the Company to make interest payments due on the term loan on September 23, 2015.
