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R_J_on Jul 13, 2017 11:02am
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News - Icelandic Bond Settlement
News - Icelandic Bond SettlementALTERRA POWER NEGOTIATING FINAL SETTLEMENT OF ICELANDIC BOND
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Alterra Power Corp. (TSX: AXY) announces that its subsidiary, Magma Energy Sweden, is in the process of negotiating a final settlement of its US$71.3 million non-recourse bond (valued as at June 30), which matures on July 16, 2017.
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The collateral under the bond will be delivered to the bondholder (formerly the municipality of Reykjanesbr), a consortium of Icelandic pension funds (Fagfjrfestasjurinn ORK) and consists solely of shares of Alterra's Icelandic subsidiary, HS Orka hf comprising a 12.7% ownership stake.
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Once delivered, Alterra's ownership stake in HS Orka hf will reduce accordingly to 53.9%, and Alterra, through Magma Energy Sweden, will continue managing HS Orka hf and consolidating its financial results
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RJ