BRIEF-Southgobi announces deferral agreement with China Investment Corp

Mon Jul 18, 2016 10:33am EDT
 
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July 18 (Reuters) - Southgobi Resources Ltd says:

* Southgobi announces deferral agreement with CIC

* Deferral agreement covers outstanding deferred cash interest obligations and associated costs of us$18.8 million

* Next issue date anniversary cash interest payment of US$8.1 million due on November 19, 2016

* As a consideration for deferred payments, company will pay a deferral fee at a rate of 6.4% per annum to CIC

* Pursuant to deferral agreement, co agreed to repay $1.3 to $1.4 million monthly during July to November 2016, repay $20.7 million on Dec 19, 2016 Source text for Eikon: Further company coverage: