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South African independent power firm () today arranged new financing via the issue of loan notes.
It has re-financed existing loan notes, that initially raised ?650,000 in 2010, with new notes carrying an annual interest of 6 per cent, and also have a 10 per cent charge on their face value.
?s largest shareholder Sterling Trust, owning 26 per cent of the company, has subscribed for ?350,000 of the new loan notes.
It has also agreed a separate loan with Sterling Trust for its subsidiary Newcastle Cogeneration Ltd (Newcogen), which operates a power plant in Newcastle, South Africa.
At subsidiary level is borrowing ?550,000. This allows the firm to discharge a proposed settlement with Gas Ltd (in relation to a contract terminated in August 2009).
The Newcastle loan carries interest at a rate of 1.25 per cent per month on the first ?150,000 and 1 per cent a month on the balance of the loan. This adds to a separate ?300,000 loan from Sterling Trust to Newcogen.
"We are pleased to be in a position to settle the long-standing dispute with , and are thankful for the continued support of our creditors and lenders,? said chairman Richard Linnell.
says these neither of these new arrangements will provide working capital for the company.?And although Newcogen is cash generative, continues to rely on the continued support of all its creditors while it works towards a disposal of its two remaining turbines.
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