Jade Road implements amendments on loan notes, interest jumps to 15%

Chicago, Dec. 1 – Jade Road Investments Ltd. implemented changes on its $3.6 million 12½% loan notes after discussions with the noteholders, according to a press release.

As part of an amendment, interest will now be 15% from the date of supplemental indenture. There will be a 1% step-up if more than $1.8 million remains outstanding by June 30, 2023.

The maturity date is extended to Dec. 31, 2023.

Any equity raise of more than £10 million will be utilized to make repayment on the notes, or at least 10% of any such qualified place or 65% of the net proceeds from an asset sale.

Loan noteholders were also issued warrants equivalent to 5% of the next share issuance undertaken by the company with a strike price which is a 50% premium to the price of such share issuance.

The supplemental indenture took effect on Thursday.

The company announced in October that it was not able to pay the $3.6 million outstanding when they became due.

Jade Road is a London-quoted pan-Asian diversified investment vehicle.

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