Debt maturity extensions

Green Dragon Gas (GDG) has announced that it has progressed discussions with the majority of its debt holders to extend existing debt maturities to 20 November 2018. Extensions are subject to the execution of amendments and an inter-creditor agreement between debt holders, and are expected to be finalised on or before 15 November 2017. GDG’s Nordic Bond (US$88m) will be extended to 20 November 2018 and the put option on GDG’s convertible bond (US$50m) will be extended to allow for conclusion of an inter-creditor agreement to provide it with the same security as the Nordic Bond Trustee but subordinated. Our current valuation and financial forecasts (shown below) are under review.