Finance & Investing | Debt | Financial Results | Capital Markets
Pedevco Restructures $35 Million Debt Facility
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PEDEVCO Corp. d/b/a Pacific Energy Development has successfully restructured its approximately $35 million senior debt facility and its approximately $8.35 million subordinated debt facility.
The restructuring includes the following changes: discontinue principal repayments for six months under all the Company's senior debt on approximately $5 million of the Company's senior debt, change the frequency of interest payments from monthly to semi-annually, with the next interest payment due February 2016 on approximately $24 million of the Company's senior debt, reduce the monthly cash pay portion of interest to 5% from 15% per annum and defer until maturity (March 2017) interest payments accruing at 12% per annum during the six month period ending January 31, 2016 on approximately $6…- ✓ Full news archive — U.S., Canada & international coverage
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