Nighthawk, the US focused oil development and production company (AIM: HAWK and OTCQX: NHEGY), announces that on 27 December 2017 it entered into an amendment (the “Amendment”) to its existing bank agreement with the Commonwealth Bank of Australia (“CBA”).
Since the announcement on 2 October 2017 of the waiver relating to the minimum production covenant breach of the CBA term loan (“CBA Loan”), the Company has been in discussions with CBA and it has now agreed to formalise the waiver into an amendment of the CBA Loan on substantially the same terms as the waiver. The Amendment extends the current maturity of the CBA Loan to 1 June 2018, and includes the previously announced agreement to appoint an investment bank to advise on available options given the uncertainty around the Company’s ability to refinance or repay the CBA Loan principal loan balance of $21.25 million when it falls due on 1 June 2018.
Further announcements will be made in due course.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU 596/2014).
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