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ShaMaran Petroleum Seeks Bond Maturity Extension
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ShaMaran Petroleum Seeks Bond Maturity Extension

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.

For further insights into TSE:SNM stock, check out TipRanks’ Stock Analysis page.

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