Re Loan Agreement
Published Tuesday 14th, April 2009.
Article Category: Announcements
SummaryAndes is pleased to announce the successful renegotiation of its secured US$5,000,000 loan facility.
Andes Energia plc
(Andes or the Company)
Andes (AIM: AEN), the Latin American energy group, is pleased to announce the successful renegotiation of its secured US$5,000,000 loan facility.
The current economic environment is challenging and it is important to remain focused both on the business as well as cash and cash flow. With this in mind the Company has been able to secure an agreement to defer the repayment of the loan principal for 4 years, until March 2013. The loan facility will carry interest at the rate of 12.75% per annum payable quarterly in arrears and is secured on the 80% interest the Company holds in Hydroelectrica Del Sur S.A.
Nigel Duxbury, Chief Financial Officer of Andes, stated, “We are pleased that we have been able to reach agreement with the lender to renegotiate the terms of this loan. In this difficult economic climate, this gives us more flexibility in the management and utilisation of the cash resources available to us. We continue to develop our various operations and to concentrate on the positive development of Andes as an integrated Argentine energy group.”
For further information please contact:
Andes Energia plc
Luis Alvarez Poli, CEO
Nigel Duxbury, FD
T: 020 7495 5326
T: 020 7012 2000
Nick RomeMichael Kinirons
T: 020 7562 3350
Note to Editors:Andes
Andes is a Latin American energy group, with electricity distribution, hydro-electric power and oil and gas interests in Argentina. The Company’s focus is on the Argentine energy sector, which it believes offers premium assets at undervalued prices.