Petra Diamonds (LSE: PDL) has announced that it has chosen not to make the c.$23m semi-annual coupon payment due today associated with the $650m 7.25% Senior Secured bond due 2022. This action triggers a 30day grace period at the end of which an event of default will arise allowing bondholders (of not less than 25% in aggregate principal amount) to declare the notes to be immediately due and payable. Instead the company has stated its intention to draw down R400m of its R1bn revolving credit fac ....
01 May 2020
The Starter Gun is Fired on Refinance
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The Starter Gun is Fired on Refinance
Petra Diamonds Limited (PDL:LON) | 42.2 -1.1 (-5.7%) | Mkt Cap: 82.0m
- Published:
01 May 2020 -
Author:
Tamesis Research Team -
Pages:
3
Petra Diamonds (LSE: PDL) has announced that it has chosen not to make the c.$23m semi-annual coupon payment due today associated with the $650m 7.25% Senior Secured bond due 2022. This action triggers a 30day grace period at the end of which an event of default will arise allowing bondholders (of not less than 25% in aggregate principal amount) to declare the notes to be immediately due and payable. Instead the company has stated its intention to draw down R400m of its R1bn revolving credit fac ....