Ram Power, Corp. announced that the Company reached an agreement with its project lenders syndicate, led by the International Finance Corporation (the “Lenders”), to amend its Phase II Credit Agreement for the San Jacinto-Tizate Project (the “Project”).
The Company and the Lenders reached an agreement to amend its Phase II Credit Agreement for Project to extend the date for conversion of the construction loan to a term loan from June 29, 2013 to July 31, 2013. The amendment provides for sufficient time for the Company and lenders to modify and obtain credit committee approvals for certain conditions precedent associated with the loan documents for conversion.
Antony Mitchell, Executive Chairman of the Company, stated, “The Company and the Phase II lending syndicate continue to finalize the conditions precedent for the term-out conversion of the Phase II Credit Facility. With the ThermaSource drilling rig now in Nicaragua, we look forward to a successful remediation program and the increase in production at San Jacinto.”
Source: Ram Power
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