Toscano Energy noteholders approve deferral of December coupon

Chicago, Dec. 14 – Toscana Energy Income Corp. announced on Friday that holders of its 7.25% convertible unsecured subordinated debentures due June 30, 2021 agreed to defer the interest payment due in Dec. 31.

Instead of the scheduled amount, two equal payments totaling C$825,000 will be paid to the trustee for the noteholders of record as Sept. 30, 2019 and April 30, 2020, respectively, comprising C$725,000, the amount of the interest payment due, and C$100,000 as a lump sum fee in consideration for the deferral of the interest payment.

At an extraordinary meeting of noteholders held on Friday, 95.32% of the votes were cast in favor and 4.68% against.

Holders of C$7,836,000, or 39.18% of the notes, were represented at the meeting.

Toscana is a Calgary, Alta., oil and gas producer.

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