Rurelec makes additional payment on Bridge Properties loan, extends due date

7th May 2019 14:48

(Sharecast News) - Rurelec has made a further principal repayment of £0.2m on the remaining temporary loan facilities provided by Bridge Properties Arena Central (BPAC), it announced on Tuesday.The AIM-traded firm said the amount of principal now outstanding was £0.641m.It said the remaining outstanding facility, which was falling due on 30 June this year, was extended to 30 June 2020 on 2 May.As part of the terms of that extension, an additional 1% increase in the interest rate - taking the total interest rate to 13.5% - would be applied with effect from 1 July, and there would be a £15,000 extension fee applied if the loan was not repaid in full by 31 December this year."At the same time, the management of Energia del Sur has notified Rurelec that they intend repaying the outstanding loan owed to Rurelec Project Finance in full by 30 June," the Rurelec board said in its statement."The current outstanding amount owed is $0.14m together with agreed fees of $0.16m."EdS also has notified their intention to repay an unsecured debt of $0.65m to Rurelec, although there can be no guarantee that these repayments will occur."