Cogenpower has signed a moratorium with UniCredit regarding the timing for the repayment of part of the existing debt facility.
Under the terms of the moratorium UniCredit have agreed to postpone the payment of the instalments of the capital of the UniCredit loans for the six month period to 30 September until the date that each UniCredit Loan matures respectively.
These quarterly instalments will consequently be paid in the two quarters following maturity of the respective UniCredit loans in 31 December 2022, 31 December 2023 and 31 December 2025. As a result of the moratorium, the cost saving for the company for 2016 is approximately €272,000.
Save for the change to the repayment dates on the capital instalments detailed above, the entering into of the moratorium between UniCredit and Cogenpower does not result in a change to any terms of the UniCredit Loans. Founder and chief executive Dr Francesco Vallone said: "We value our long-term collaboration with UniCredit who have been a significant financial supporter in the development of Cogenpower's Anaconda technology. This moratorium allows the Company to better manage its working capital needs and shows a tangible commitment to support Cogenpower."
At 10:00am: (LON:CGP) Cogenpower Plc share price was -0.25p at 18.5p