Sorbic International PLC Roll Over of Loan Notes (2908Q)
29 August 2014 - 4:00PM
UK Regulatory
TIDMSORB
RNS Number : 2908Q
Sorbic International PLC
29 August 2014
Press Release 29 August 2014
Sorbic International plc
("Sorbic" or the "Company")
Roll Over of Loan Notes
Sorbic International plc (AIM:SORB), a leading sorbates producer
in China, announces that the required majority of holders of A and
B Loan Notes have agreed to amend the terms of the Loan Note
Instrument ("LNI") such that the redemption date is now 31 December
2014.
Key new terms of the LNI:
-- A repayment premium equal to 10% of the principal amount
outstanding if the principal is repaid between 1 September 2014 and
31 October 2014
-- A repayment premium equal to 20% of the principal amount
outstanding if the principal is repaid between 1 November 2014 and
31 December 2014
-- Redemption date of 31 December 2014.
All other terms of the LNI remain the same.
- Ends -
For further information:
Sorbic International plc Tel: +44 (0)7768
031 454
John McLean, Chairman www.sorbicinternational.com
finnCap (Nomad)
Geoff Nash / Ben Thompson Tel: +44 (0) 20
7220 0500
Hybridan LLP (Broker)
Claire Louise Noyce Tel: +44 (0) 20
3713 4581
Media enquiries:
Abchurch Communications
Henry Harrison-Topham / Tel: +44 (0)20 7398
Canace Wong 7714
canace.wong@abchurch-group.com www.abchurch-group.com
Notes to Editors: www.sorbicinternational.com
About Sorbic International plc
Sorbic International's principal activity is the production and
sale of the food preservatives Sorbic Acid and Potassium Sorbate
from its base in Linyi City, Shandong Province, Peoples Republic of
China. Approximately half of Sorbic International's production is
sold to overseas markets and half into the Chinese domestic
market.
Sorbic Acid is a naturally occurring organic compound that is
used in all kinds of foods for its anti-decomposition and
anti-fungus function and also in grains, medicines, cosmetics,
toothpaste, tobacco, animal feed, latex, paper-manufacturing and
pesticides. Potassium Sorbate is used to inhibit moulds and yeasts
in many foods, such as cheese, wine, yogurt, dried meat, baked
goods, cosmetics and pharmaceuticals.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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