Xcite Energy to pay PIK interest on secured bond with additional bonds

By Tali Rackner

Norfolk, Va., June 9 – Xcite Energy Resources plc will pay the pay-in-kind interest on its senior secured callable bond due 2016 in kind by way of additional bonds, according to a notice from bond trustee Nordic Trustee ASA.

Therefore, in addition to the fixed interest rate of 12% per annum in cash, bondholders will receive 3% per annum of interest by way of additional bonds on June 30.

The issuer has the option to pay the PIK interest in cash or in kind.

The issuer, formerly Xcite Energy Resources Ltd., is the U.K. subsidiary of Xcite Energy Ltd., an oil exploration and development company based in Tortola, Virgin Islands.

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