Alterra Power (TSX:AXY) has announced that its subsidiary, Magma Energy Sweden, has entered into an agreement to settle its $71.3 million non-recourse bond.
As quoted in the press release:
The collateral under the bond, comprising a 12.7% ownership stake of Alterra’s Icelandic subsidiary HS Orka hf (“HS Orka”), will be delivered to the bondholder Fagfjárfestasjóðurinn ORK in full and final settlement of MES’s obligations under the bond. Completion of the agreement is subject to certain conditions to be satisfied within 60 days and upon completion Alterra’s ownership stake in HS Orka will be reduced from 66.6% to 53.9%. Alterra, through MES, will continue managing HS Orka and consolidating its financial results.
Update to Outlook for Years Ended December 31, 2017 and 2018
In conjunction with its release of financial and operating results for the year ended December 31, 2016, Alterra provided an outlook on expected financial and operating results for 2017 and 2018. Following the change in ownership of HS Orka, management expects the following changes to the Company’s outlook (all provided on a net interest1 basis, tabular amounts expressed in thousands of US dollars, except generation).
|
|
|
|
|
|
|
|
Original
forecast
2017
|
Revised
forecast
2017
|
Difference
|
Original
forecast
2018
|
Revised
forecast
2018
|
Difference
|
|
Generation (GWh)
|
1,595
|
1,526
|
(69)
|
2,046
|
1,886
|
(160)
|
|
Revenue
|
90,659
|
86,517
|
(4,142)
|
100,719
|
92,239
|
(8,480)
|
|
Adjusted EBITDA2
|
49,154
|
47,193
|
(1,961)
|
56,610
|
51,920
|
(4,690)
|
Click here to read the full press release.
