The status of the new convertible bond loan will be senior unsecured, and rank on a par with other senior unsecured debt in the company. The strike price for conversion into Rec shares will be 3.60
Rec restructures with 6.5% loan
Renewable Energy Company ASA (Rec) said it will improve its debt maturity profile through issuing a new convertible bond loan maturing in 2018, offer partial repurchase and exchange of the existing 2014 convertible bond as well as offer partial repurchase of the 2014, 2016 and 2018 bond loans.
