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EQTEC makes partial early repayment on secured loan facility
Technology solutions company for waste gasification to energy projects EQTEC announce on Friday that it has made a partial repayment of £378,882 on its secured loan facility, which comprises a five-year term loan of £1m at 15% per annum fixed rate of interest, with Ecofinance GLI.
The AIM-traded firm said the facility, commencing in 2015, was repayable in full in July 2020.
EQTEC, with the agreement of Ecofinance, had decided to repay £378,882 of capital and £2,958 in accrued interest earlier than scheduled, in order to reduce the cost of debt to the group.
The remaining balance of £621,118 is repayable in July 2020.
Separately, as set out in its admission document published on 27 November last year, the company said it had also reached agreement to further restructure its existing 7.5% £2m convertible secured loan note with Altair Group Investment.
"The CSLN was originally due for repayment with accrued interest on 14 July 2017," the EQTEC board explained in its statement.
"However, as set out in the admission document, standstill agreements were entered into by both parties in July and October 2017.
"As a result of the early repayment on the secured loan facility, Altair will become the sole beneficiary of the facility and shareholder of Ecofinance."