Serinus Energy plc (LON:SENX) has announced that the Company and the European Bank of Reconstruction and Development have agreed to defer the debt repayment due on 30 June 2020.
In connection with the current COVID-19 and the short-term effects on economic activity generally, the Company had requested that the scheduled repayment of principal due to made by 30 June 2020, under the Convertible Loan Agreement, be deferred. Under the terms of the deferral the Company will pay US$2.0 million of the debt payment obligation due on 30 June 2020, with the remaining US$6.44 million of the debt obligation deferred for 12 months. Under the deferral agreement, the Company will undertake with the EBRD to restructure the terms and conditions of the Convertible Loan Agreement, and of the Financing Agreements, no later than 18 December 2020.
Serinus Energy has also received a formal waiver from the EBRD in relation to the debt service covenant on its Convertible Loan for the period ending 30 June 2020.