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March 30, 2015

Gulf Keystone gives lender until end of working week to accept incentivised offer

Gulf Keystone Petroleum (LON:GKP) has given its lenders until the end of the shortened working week to accept an incentivised offer for the amendment of terms for US$250mln of loan notes.

A prior offer, which would see lenders receive $5 for every $5,000 of the GKP they hold, was due to expire on Wednesday April 1.

Now the deadline has been extended by 24 hours and will expire on Thursday April 2, at 5pm.

The incentivised offer comes ahead of a meeting of loan holders scheduled for April 7, after the Easter bank holiday weekend.

Earlier this month the Kurdistan based oil firm disclosed it was set to breach a technical covenant of the debt, and it was seeking to amend the loan terms with its lenders.

The loan notes carry 13% interest and are due in 2017; however, the anticipated covenant breach could trigger early repayment. These notes are just one portion of GKP's outstanding debt.


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