Iodine and speciality chemical derivative producer Iofina said it had signed a preliminary agreement to restructure convertible loan notes and also a term loan facility, worth a combined $25.6m.
With the loan notes, the repayment term would be extended to 1 July 2020, with the interest rate adjusted to 7.5% beginning 1 January 2019.
With the facility, provided by Stena Investment, the repayment term would be extended to to 1 July 2020, with the interest rate adjusted to 7.5% beginning 1 January 2019, rising to 12% on 1 June 2019.
The restructuring was subject to finalised documentation and would be completed as soon as practical.
'The group is now better positioned to build upon last year's improved performance with increased profitability for 2019 and beyond,' Iofina said.
At 2:55pm: (LON:IOF) Iofina PLC share price was -0.3p at 17.43p