LBC Express Holdings Inc. said it has extended the maturity of the $50- million convertible notes it tapped from Singapore-based Crescent Point in 2017, that matured Sunday, August 4.
The logistics firm has an outstanding $39 million balance of the original amount that Crescent Point extended through unit CP Briks Pte. Ltd. (CP Briks).
The proceeds were used to fund capital expenditures and working capital.
The notes can be exchanged for LBC shares out of unissued stocks.
Under the deal in 2017, LBC pledged all of its shares in its unit LBC Express Inc. in favor of CP Briks as security for the transaction.
“The maturity date of the Instrument, which originally would have fallen due on 4 August 2024 has been extended until the extended stated Maturity date (or such date as CP Briks opts to terminate the instrument upon 30 days prior notice),” LBC said.
“Interest on the instrument shall continue to accrue from the original stated maturity date until the extended stated maturity date,” it added.
