27th January<\/a> as the business seeks to address how it manages the overall leverage position of the Company.<\/p>\nFurther to its previous announcements, Afren has obtained from the lenders of the US$300m Ebok debt facility a deferral of the US$50m amortisation payment due on 31 January 2015 until 27 February 2015.<\/p>\n
In addition, the Board has decided to utilize a 30 day grace period under its 2016 bonds with respect to US$15m of interest due on 1 February 2015 while the review of the capital structure and funding alternatives is completed.<\/p>\n
Afren adds that it is continuing discussions with the advisers to the ad hoc committee of its largest bond holders regarding the immediate liquidity and funding needs of the business.<\/p>\n
Further the Company is also having discussions with its existing stakeholders and new third party investors regarding recapitalizing the Company.<\/p>\n
The Company had a cash balance of approximately US$235 million at 31 December 2014 with the liquidity available to the Company being significantly lower as a result of restricted and segregated cash balances in place to address operational requirements.<\/p>\n
Afren has operations in 11 countries across Africa and the Middle East including Kenya, Tanzania, Seychelles, Ethiopia and Madagascar in East Africa.<\/p>\n
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[twitter-follow screen_name=’oilnewskenya’] Afren plc has provided an update regarding the review of its capital structure, liquidity and funding requirements as announced on 27th January as the business seeks to address … Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":1691,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[11],"tags":[59,400,571,701,809,942,1252,1424,1470,2288,2466],"class_list":["post-2385","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-afren","tag-capital-structure","tag-debt-facility","tag-ebok","tag-ethiopia","tag-funding","tag-kenya","tag-liquidity","tag-madagascar","tag-seychelles","tag-tanzania","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/08\/afren-logo.png?fit=330%2C221&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-Ct","jetpack-related-posts":[{"id":2647,"url":"https:\/\/www.oilnewskenya.com\/index.php\/afren-recieves-one-month-deferral-50m-ebok-debt-facility\/","url_meta":{"origin":2385,"position":0},"title":"Afren recieves one month deferral of $50m from Ebok debt facility","author":"","date":"March 2, 2015","format":false,"excerpt":"Afren has announced an update regarding the review of its capital structure, liquidity and funding requirements saying it has obtained from the lenders of the US$300m Ebok debt facility a further deferral of the US$50m amortisation payment due on 31 January 2015 until 31 March 2015. In addition, the Board\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/08\/afren-logo.png?fit=330%2C221&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":2670,"url":"https:\/\/www.oilnewskenya.com\/index.php\/afren-defaults-us15m-interest-due-1-february-2015-2016-notes\/","url_meta":{"origin":2385,"position":1},"title":"Afren defaults on US$15m of interest due on 1 February 2015 under its 2016 Notes","author":"","date":"March 6, 2015","format":false,"excerpt":"Afren has announced that its board has decided, at the expiration of the 30 day grace period, not to pay US$15m of interest which was due on 1 February 2015 under its 2016 Notes in view of the Company\u2019s current liquidity position and in order to preserve cash while the\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/08\/afren-logo.png?fit=330%2C221&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":2365,"url":"https:\/\/www.oilnewskenya.com\/index.php\/afren-reviews-its-capital-structure-to-solve-liquidity-and-funding-requirements\/","url_meta":{"origin":2385,"position":2},"title":"Afren reviews its capital structure to solve liquidity and funding requirements","author":"Samuel Kamau Mbote","date":"January 27, 2015","format":false,"excerpt":"[twitter-follow screen_name='oilnewskenya'] In light of the significant dislocation in the industry and related financing markets resulting from the rapid decline in oil prices Afren says its board has been reviewing the funding and liquidity requirements of the business and seeking to address how it manages the overall leverage position of\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/08\/afren-logo.png?fit=330%2C221&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":2721,"url":"https:\/\/www.oilnewskenya.com\/index.php\/afren-reaches-preliminary-agreement-interim-funding-refinancing-structure\/","url_meta":{"origin":2385,"position":3},"title":"Afren reaches preliminary agreement for interim funding and refinancing structure","author":"","date":"March 18, 2015","format":false,"excerpt":"Afren has said it reached an agreement in principle with certain noteholders under its 2016 Notes, 2019 Notes and 2020 Notes and a majority of the lenders under its existing US$300 million Ebok credit facility to address its short and longer-term funding needs and recapitalise its capital structure. The agreement\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/08\/afren-logo.png?fit=330%2C221&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":2539,"url":"https:\/\/www.oilnewskenya.com\/index.php\/talks-afren-seplat-petroleum-development-company-fail\/","url_meta":{"origin":2385,"position":4},"title":"Talks between Afren and SEPLAT Petroleum Development Company fail","author":"","date":"February 15, 2015","format":false,"excerpt":"On 22 December 2014, Afren plc announced that it had received a highly preliminary approach from SEPLAT Petroleum Development Company plc (Seplat) regarding a possible combination with Afren. Seplat was the required In accordance with the UK Takeover Code, by not later than 5.00 p.m. on 13 February 2015 to\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/08\/afren-logo.png?fit=330%2C221&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":2784,"url":"https:\/\/www.oilnewskenya.com\/index.php\/afren-names-alan-linn-new-ceo\/","url_meta":{"origin":2385,"position":5},"title":"Afren names Alan Linn as new CEO","author":"","date":"April 7, 2015","format":false,"excerpt":"Afren has confirmed that Alan Linn who is currently acting as a consultant to the Board of has been appointed as Afren\u2019s new CEO and a director of the Company. Linn takes the CEO position with effect from completion of the interim funding announced on 13 March and 1 April\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/08\/afren-logo.png?fit=330%2C221&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/2385","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=2385"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/2385\/revisions"}],"predecessor-version":[{"id":3528,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/2385\/revisions\/3528"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=2385"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=2385"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=2385"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}