Simec Atlantis Energy defers interest payment, extends maturity of debentures due June 30

By Rebecca Melvin

Concord, N.H., June 10 – Simec Atlantis Energy Ltd. has amended the indenture of a series of debentures due June 30, 2022, pushing out the maturity for a year and postponing the June 30 interest payment by three months, according to a notice published Friday by the London Stock Exchange.

The company said the notice confirmed an update provided May 25.

Under the amendment, the maturity date of the debentures has been extended to June 30, 2023 and interest may be paid after June 30 but before Sept. 30.

Additional interest due will be applied to the amount that is being paid late at a rate equivalent to Barclays plc’s base rate plus 300 basis points per year.

In addition, the company said it will be seeking to defer the June 30 interest payment in relation to the Atlantis Future Energy debentures maturing March 23, 2023 (£4.97 million) and Sept. 30, 2024 (£3.79 million).

The company expects to use part of initial proceeds of about £10 million of expected proceeds from a previously announced agreement with Uskmouth Energy Storage to deliver a battery energy storage site at Uskmouth, to repay the interest.

The request for deferral requires approval by 75% by value of debentureholders. The voting period open and the results of the vote are expected during the week commencing June 27.

Simec Atlantis Energy is a U.K.-based developer of renewable and sustainable energy projects.

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