Gas Turbine Efficiency Current Trading In Line With Views

5th Jul 2010 07:31

LONDON (Dow Jones)--Gas Turbine Efficiency Plc (GTE.LN), a provider of proprietary cleantech systems for enhancing the performance of aviation and industrial gas turbines, announced Monday that Group trading has improved on the corresponding period in 2009 and has continued to be in line with management expectations. MAIN FACTS: -In December 2009, GTE raised $10 million through the issue of 9.5% Subordinated Unsecured Loan Notes 2012 of $10 each. -The proceeds from the issue have been used to finance the Group's working capital and development funding programs over the last six months. -GTE continues to explore alternatives to raise equity finance with a number of strategic investors. -In order to pursue these alternatives completely as well as to continue to support its ongoing growth and development, GTE has decided in consultation with certain major shareholders to extend the 2009 Loan Notes. -This demonstrates the strong ongoing support of current investors and GTE's commitment to pursue financing alternatives involving existing investors alongside third party alternatives. -The C Notes, will carry a fixed rate of interest of 9.5% per annum, payable quarterly in arrears, on the initial $4,500,000 drawn down and a fixed rate of interest of 15% per annum, payable quarterly in arrears, on any amount drawn down over and above the initial $4,500,000 drawn down. -The C Notes will be repayable (along with the A Notes and B Notes) on Dec. 18, 2012. -Any Notes may be redeemed in whole or in part at any time by GTE without penalty. -In addition, GTE has agreed to continue the discussions that it has had with potential strategic investors and to look at financing options that will enable the 2009 Loan Notes to be repaid and to provide the operational and commercial flexibility to position GTE properly for the future. -Shares closed Friday at 8.38 pence. -By Zechariah Hemans, Dow Jones Newswires; 44-20-7842-9411; [email protected] (END) Dow Jones Newswires July 05, 2010 02:31 ET (06:31 GMT)