Echo Energy gets nod for bond restructuring

Echo Energy gets nod for bond restructuring

Corporate & Sovereign Strategy Bonds Debt Fixed Income Capital Markets Argentina United Kingdom

Echo Energy, a UK-based oil and natural gas company focused on Argentina, said Thursday it received approval from bondholders to restructure its 8% 2025 bonds. Holders of 66.7% of Echo Energy’s 2025s agreed to delay the due date by seven years to May 2032, reduce the rate to 2% per year and turn half of the outstanding amount into ordinary shares worth £0.45 ($0.52) each, it said in a securities filing. The company issued €20 million worth of 2022 bonds in June 2017 but defaulted on the notes in

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