Tellurian Executes Agreements for $50 Million Financing and Reduction of Term Loan
Tellurian Inc. (TELL)
Last tellurian inc. earnings: 2/24 07:00 am
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Source: Business Wire
HOUSTON--(BUSINESS WIRE)--Tellurian Inc. (Tellurian) (NASDAQ: TELL) announced today it has executed an agreement to sell $56 million of zero coupon, unsecured notes for gross proceeds of $50 million and provide the lender with warrants to purchase up to 20 million shares of Tellurian common stock, subject to customary closing conditions.In conjunction with this financing, Tellurian has also entered into an agreement to amend its 2019 Term Loan, including a reduction of the principal amount by $17.1 million. The agreement provides for a paydown of $2.1 million in cash, converts $15 million of principal value into equity through the issuance of approximately 9.3 million shares to the lender, and provides the lender with warrants to purchase up to approximately 4.7 million shares of Tellurian common stock, subject to customary closing conditions.Tellurian’s unaudited cash and cash equivalents balance proforma for the financing transaction would have been approximately $100.7 million
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