Serinus Energy agrees debt deferral with EBRD

Serinus Energy announced on Wednesday that the European Bank of Reconstruction and Development (EBRD) has agreed to defer the debt repayment due on 30 June.

The AIM-traded firm said that given the Covid-19 pandemic and its short-term effects on general economic activity, it had requested that the scheduled repayment of principal due by 30 June under the convertible loan agreement be deferred.

Under the terms of the deferral, the company would pay $2m (£1.6m) of the debt payment obligation due on 30 June, with the remaining $6.44m 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 aAgreements no later than 18 December,” the Serinus board said in its statement.

“The company 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.”