/KASE, January 21, 2020/ – Tethys Petroleum Limited (Cayman Islands), whose shares
are officially listed on Kazakhstan Stock Exchange (KASE), has provided press
release to KASE, which states as follows:
quote
Grand Cayman, Cayman Islands - Tethys Petroleum Limited (TSXV: TPL.H) ("Tethys"
or the "Company") is pleased to announce completion of a loan restructuring.
The Company has agreed with one of its lenders to restructure a loan with current
outstanding balance of US$14.1 million, the key terms of which are described below:
- The lender has provided a waiver of all past defaults;
- The maturity date has been extended from January 31, 2017 to December 31, 2021;
- Repayment of US$1,000,000 contingent upon certain future events;
- A discount of US$500,000 will be applied to the outstanding balance upon payment
of the US$1,000,000
- The Company shall be required to use 15% of any gas sales receipts (net of VAT)
received by its subsidiary companies, subject to a minimum of two hundred
thousand dollars (US$200,000) per month, to repay a portion of the outstanding
balance;
- The interest rate has changed from 20% to 10.5%, payable monthly;
- An early payment discount will apply if Tethys makes any repayments exceeding
those described above on or before June 30, 2020 such that the outstanding
balance will be reduced by two times the amount of the repayment i.e. an
effective discount of up to 50% of the outstanding balance; and
- A discount of US$2,000,000 will apply to the outstanding balance upon full
repayment of the loan on or prior to the maturity, less the amount of any early
payment discount already received.
unquote
Full press release is available on KASE website (in Russian) –
http://kase.kz/files/emitters/KY_TPL_/ky_tpl__reliz_210120_1.pdf
[2020-01-21]