Pan European Terminals PLC Re-Financing of Loan Note (5057R)
November 20 2012 - 2:00AM
UK Regulatory
TIDMPAN
RNS Number : 5057R
Pan European Terminals PLC
20 November 2012
Pan European Terminals PLC
Re-Financing of Loan Note
Pan European Terminals PLC ("Pan European" or the "Company") is
pleased to announce that it has, on 19th November 2012, completed a
re-financing of its $11.0 million secured fixed rate loan (the
"2011 Note") which was raised to fund the acquisition of Dan Balt
Tank Lager Terminal A/S, Denmark in November 2011.
The US$ denominated 2011 Note will be repaid from the proceeds
of an GBP8.5 million secured convertible fixed rate loan note (the
"Loan Note") which has been issued by Dan Balt Terminals Limited, a
100% subsidiary of the Company. The Loan Note matures on 19(th)
November 2015, carries interest at 10 per cent. per annum and has
been admitted to the Official List of the Channel Islands Stock
Exchange ("CISX"). At the same time the 2011 Note has been delisted
from the CISX.
The 2011 Note carried interest of 15% with an early redemption
premium if paid out before May 2013. However the early redemption
fee has been waived on the 2011 Note and no payment has been
made.
The Loan Note may also be converted into ordinary shares of 1
pence each in the capital of the Company ("Ordinary Shares") at a
price of 22p per Ordinary Share ("Conversion"), a premium of 25.7
per cent. to the closing price of 17.5p on 19(th) November 2012 and
30.6 per cent. to the 3 month average closing price prior to the
same date. Conversion would result in the issue of 38,636,363
Ordinary Shares representing 27.7 per cent. of the Company's
current issued share capital as enlarged by Conversion. Conversion
is subject to the Company's shareholders approving the relevant
authorities to issue the new Ordinary Shares arising upon
Conversion and the Company is liable to a penalty payment of
GBP550,000 if such authorities are not approved by 19(th) November
2013. The Company can redeem the Loan Note at any time after 19(th)
November 2013 on 60 days notice without penalty. The balance of
funds, after repayment of the 2011 Note, will be used for
transaction costs and general working capital purposes.
Current trading remains in line with the Board's expectations
and good progress is being made to utilise all the capacity of the
Company's terminals in 2013. In addition, the Board is continuing
to review strategic options for its Russian assets. The Company
intends to issue a fuller trading update in due course.
Simon Escott, CEO commented; "I am pleased to have strengthened
the Company's cash position and to have refinanced the loan well
before its maturity date at a much reduced cost. This is especially
pleasing in an extremely difficult financial market."
Enquiries:
Pan European Terminals PLC Tel: +44 (0)20 3145 1909
Simon Escott Chief Executive
Westhouse Securities Limited Tel: +44 (0)20 7601 6100
Richard Johnson/Antonio Bossi
This information is provided by RNS
The company news service from the London Stock Exchange
END
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