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BRIEF-DTEK enters into override agreement with a majority of lenders
March 30, 2017 / 7:25 AM / 8 months ago

BRIEF-DTEK enters into override agreement with a majority of lenders

March 30 (Reuters) - DTEK:

* Said on Wednesday entered into an override agreement which governs the long-term restructuring of the Group’s bank debt with a vast majority of its existing lenders

* The Override Agreement overrides and amends the terms of the vast majority of the Group’s facilities; in particular it extends the maturity of the Overridden Facilities to June 30, 2023

* Principal indebtedness will be repaid as follows: $60 million in 2017, $40 million in 2018, $80 million in 2019,$80 million in 2020, $ 80 million in 2021, $ 80 million in 2022 and all remaining outstanding debt and accrued PIK in 2023

* The interest rate on each Overridden Facility is the aggregate of 5 pct p.a. and EURIBOR/LIBOR as applicable, with cash interest to be paid monthly as follows: 51 pct of the interest accrued in 2017 and 2018, 60 pct of the interest accrued in 2019, 70 pct of the interest accrued in 2020, 79 pct of the interest accrued in 2021, 88 pct of the interest accrued in 2022 and 100 pct of the interest accrued in 2023

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Further company coverage: (Gdynia Newsroom)

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