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IMIC gets approval to restructure another batch of debt

Published: 22:46 28 Apr 2015 AEST

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Cameroon-focused iron ore explorer IMIC (LON:IMIC) has received approval to restructure another batch of loans.

Holders of US$20mln worth of notes issued by subsidiary Afferro Mining and US$30mln of IMIC loans both voted overwhelmingly in favour of amendments that will see a lower coupon, later repayment dates and a higher final redemption total to compensate. 

Ethelbert Cooper, IMIC's chairman, said he was delighted with the outcome from both sets of bondholders.

It would make the company's debt commitments manageable and contribute to rebalancing of the group's financing obligations, he added.

IMIC has now restructured US$100mln worth of bonds in the last few weeks.

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