Simec Atlantis Energy receives approval to defer interest due June 30

By Mary-Katherine Stinson

Lexington, Ky., June 30 – Simec Atlantis Energy Ltd. gained the necessary approval from Atlantis Future Energy debentureholders to defer the June 30 interest payment by three months to Sept. 30, according to a notice published Thursday.

The request for deferral required approval by 75% by value of debentureholders.

As previously reported, the company was seeking the deferral in relation to the Atlantis Future Energy debentures maturing March 23, 2023 (£4.97 million of principal with interest due of £197,166) and Sept. 30, 2024 (£3.79 million of principal with interest due of £150,192).

Additional interest due will be applied to the amount that is being paid late at a rate equivalent to Barclays plc’s base rate plus 300 basis points per year.

The company will use part of the proceeds from a previously announced agreement with Uskmouth Energy Storage to deliver a battery energy storage site at Uskmouth to repay the interest.

Simec Atlantis Energy is a U.K.-based developer of renewable and sustainable energy projects.

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