ECPGA - Interest Rate Step Up
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| Stock | ECP Emerging Growth Ltd (ECP.ASX) |
|---|---|
| Release Time | 14 Apr 2025, 2:51 p.m. |
| Price Sensitive | Yes |
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ECP Emerging Growth Ltd Announces Interest Rate Step Up
Key Points
- Interest rate on ECP Convertible Notes (ASX: ECPGA) to step up from 5.5% to 6.5% per annum
- Step-up due to 2-year Bank Bill Swap Rate exceeding 2.5859% hurdle
- New rate applicable for future interest payments until maturity on 11 April 2027
- Conversion Price of ECP Notes into Ordinary Shares remains unchanged at $1.43
Full Summary
ECP Emerging Growth Limited has provided an update to investors in the ECP Convertible Notes (ASX: ECPGA). In accordance with the Note Terms as defined in the ECP Convertible Note Trust Deed, the interest rate will step up from 5.5% to 6.5% per annum. This step-up is due to the 2-year Bank Bill Swap Rate exceeding the hurdle of 2.5859%. The new step-up rate of 6.5% per annum will be applicable for future interest payments until the maturity date of 11 April 2027. The company has confirmed that the Conversion Price of the ECP Notes into Ordinary Shares remains unchanged at $1.43.
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