ShaMaran Petroleum (TSE:SNM) has released an update.
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ShaMaran Petroleum Corp. is negotiating with bondholders to extend the maturity of its 12% senior unsecured bond and improve repayment terms, leveraging its enhanced cash flow from increased production in Kurdistan. The company proposes a tender offer to buy back $47 million of bonds and plans to replace semi-annual payments with a more efficient quarterly cash sweep mechanism. The Lundin family, principal shareholders, support the initiative and will extend their subordinated loan in line with the new bond maturity terms.
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