OTCPK:MGMXD - Post by User
Comment by
R_J_on Aug 03, 2017 1:28am
88 Views
Post# 26541526
RE:RE:News - Settlement of icelandic Bond
RE:RE:News - Settlement of icelandic BondKatusa Comments
Quote:
-
Alterra has negotiated a final settlement of its Icelandic bond, which is tied to its geothermal project HS Orka.
-
The bond is held by a group of Icelandic pension funds.
-
As collateral for the loan, Alterra put up a 12.7% stake in the geothermal project HS Orka.
-
The bond is now due, and rather than paying back the loan with cash, Alterra is going to give up the 12.7% stake in HS Orka.
-
I think this is a smart move, and it is one that I had expected to happen.
-
Alterra will still own 53.9% of HS Orka, but it will now have significantly reduced its debt position.
-
Additionally, Alterra completed a financing agreement to put the Flat Top wind project into production.
-
This was the last piece of the puzzle, and final construction should start quickly.
-
Production is expected by 2018.
-
End Quote.
-
RJ