CAM has 22.58m Convertible Redeemable Notes (“Notes”) on issue. The Notes mature on 30 November 2021 at which point all outstanding Notes will be redeemed at face value. The Notes have a face value of $0.96 per Note and pay a fixed interest rate of 6.25%p.a, payable quarterly in arrears. With $3.5m in cash at September-end, the Company will likely have to sell down a portion of the portfolio to repay the Noteholders.
The board is considering a restructure of the Notes, including an extension of the maturity term and an adjustment to other commercial terms of the Notes. Any changes will be subject to approval by Noteholders.