Iofina Reaches Final Documentation Phase On Debt Refinancing Deal

(Alliance News) - Iofina PLC said Wednesday it has made positive progress concerning debt ...

Alliance News 26 August, 2020 | 10:16AM
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(Alliance News) - Iofina PLC said Wednesday it has made positive progress concerning debt refinancing with a new lender from the US.

In July, the iodine producer said it was continuing to work on a debt refinancing package with a new lender in order to repay its current lenders, who are owed USD15.5 million.

Iofina said the internal approvals needed by the lender have been approved, bringing the transaction into its final legal documentation phase

Although the specific details will be disclosed once documentation is complete, Iofina said the general terms include a term loan and a revolving line of credit with which to fully pay current debt holders.

"We are pleased that we are now in the final documentation phase of debt refinancing and we look forward to updating the market as to its conclusion in due course," said Chief Executive Officer Tom Becker.

Shares in Iofina were up 5.5% at 16.35 pence on Wednesday in London.

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Iofina PLC 12.25 GBX -2.00 -

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