Bondholder Meeting Summons Summary – Iona Energy Inc.

Iona Energy Inc. · Mar 12, 2015 · 6 slides

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Bondholder Meeting Summons Summary March 12, 2015
Introduction In September 2013, Iona Energy Company (UK) plc (the Issuer) issued US275 million in senior secured bonds (the Bonds) As highlighted to shareholders in the press release dated December 18, 2014, the combination of…
Bond Amendments Summary Item Summary Financial covenants All financial covenants to be waived until one quarter after first production at Orlando This includes net debt / EBITDA cap of 3.0x and minimum 40% capitalisation ratio…
Bond Amendments Summary (contd.) Item Summary Hedging Requirement to hedge 50% of 2016 production waived Cash management Revised cash management provisions including certain monthly minimum thresholds Governance New independent…
Process Bondholder meeting to approve the amendments scheduled for March 27, 2015 Secured support from over 40% of the bondholders to vote in favour of the proposal 2/3rds majority of the bonds represented at the meeting (either…
Conclusion If approved, the package of amendment delivers: Additional financial headroom, facilitating the delivery of the Orlando project Combined interest and amortisation costs of up to US135 million deferred through 2015 and…