Completion of Debt Restructuring

RNS Number : 5819U

Iofina PLC

01 April 2019

 

1 April 2019

Iofina plc

("Iofina", the "Group", or the "Company")

(LSE AIM: IOF)

Completion of Debt Restructuring

Extension of Term and Removal of Debt Convertibility

Iofina, specialists in the exploration and production of iodine and halogen-based specialty chemical derivatives, is pleased to announce it has now finalised the debt restructure documentation with the terms detailed in the Company's announcement on 12 February 2019.

Commenting, President and CEO Dr. Tom Becker stated: ''The Board is delighted to announce the completion of the debt restructuring documentation. This debt extension enables us to continue with our growth strategy, as we seek to take full advantage of the positive conditions in the global iodine market, and build our position as one of the industry's best operators."

The new terms are as follows:

Notes:

·     Extension of repayment term to 1 July 2020

·     Removal of debt convertibility with Notes switching to a term loan

·     Interest rate adjusted to 7.5% beginning 1 January 2019

·     Interest paid to Noteholders quarterly in arrears from beginning of 2019

Facility:

·     Extension of repayment term to 1 July 2020

·     Interest rate adjusted to 7.5% beginning 1 January 2019, rising to 12% on 1 June 2019

·     Interest paid to Stena quarterly in arrears from beginning of 2019

Debt as at 31 December 2018 was comprised approximately of:

·     $22.37m under Notes

·     $3.26m under Facility

Other existing provisions relating to the Notes and the Facility continue in effect. In particular, all debt may be repaid in whole or in part at any time without penalty, the Facility is to be repaid in priority to the Notes, and the entirety of the debt is secured against the assets of the Group.

Enquiries:

Dr. Tom Becker, CEO & President

Iofina plc

Tel: [phone]

Christopher Raggett/Giles Rolls/Anthony Adams (corporate finance)

Camille Gochez (ECM)

finnCap Ltd

Tel: [phone]

Media Contact:

Charles Goodwin/Harriet Jackson

Yellow Jersey PR Limited

Tel: [phone]

About Iofina:

Iofina specialises in the exploration and production of iodine, halogen based specialty chemical derivatives and produced water. Iofina's business strategy is to identify, develop, build, own and operate iodine extraction plants currently focused in North America, based on Iofina's WET® IOsorb® technology. Iofina has production operations in the United States, specifically in Kentucky and Oklahoma. It is a vertically integrated company, covering the process from the production of iodine in the field, to the manufacture of the chemical end-products derived from iodine, supplying them to the consumer, and the recycling of iodine using iodinated side-streams from waste chemical processes. Iofina utilises its portfolio of patented and patent-pending technology, and proprietary methods and trademarks throughout all business lines.

www.iofina.com

THE INFORMATION COMMUNICATED IN THIS ANNOUNCEMENT IS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 596/2014.

 

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