Echo Energy has successfully restructured it's £1.0 million loan originally provided to the Company in March 2017. The purpose to the restructuring was to extend the term whilst also reducing the overall level of debt and preserving cash balances by avoiding further interest payments.
The Loan has been extended to 30 November 2025 with the current principal and accrued interest to date has been reduced by 10%, such that the total amount outstanding as at 30 November 2023 stands at £898,028.14; a new lower interest rate of 2% pa has also been agreed, which will be rolled up and paid at maturity. The Company has agreed to pay a £15,000 fee to the lender.
Stephen Birrell, the Company's CEO commented:
'I am delighted with the support shown by our lender, the Spartan Fund Limited SAC. Echo is full steam ahead originating and negotiating multiple business development opportunities and we look forward to updating investors in due course.'
Source: Echo Energy
