By Chris Wack
Tellurian shares were up 7%, to $1.01, after the company entered into a letter agreement with an institutional investor.
The stock hit its 52-week low of 48 cents on Nov. 22, and is down 41% in the past 12 months.
In a filing to the U.S. Securities and Exchange Commission, the company said that, upon the issuance of the 47.9 million exchange shares to the investor, $37.9 million of the principal amount of the $250 million in 10.00% senior secured notes due 2025 previously issued to the investor would be extinguished.
Certain terms of the indentures governing the 6.00% senior secured convertible notes due 2025 previously issued to the investor would be amended, and the company would be deemed to have satisfied its obligations to make the cash interest payments due in respect of the notes on Jan. 1, 2024.
Write to Chris Wack at [email protected]
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