SORB Sorbic Int

TIDMSORB

RNS Number : 2908Q

Sorbic International PLC

29 August 2014

 
 Press Release   29 August 2014 
 

Sorbic International plc

("Sorbic" or the "Company")

Roll Over of Loan Notes

Sorbic International plc (AIM:SORB), a leading sorbates producer in China, announces that the required majority of holders of A and B Loan Notes have agreed to amend the terms of the Loan Note Instrument ("LNI") such that the redemption date is now 31 December 2014.

Key new terms of the LNI:

-- A repayment premium equal to 10% of the principal amount outstanding if the principal is repaid between 1 September 2014 and 31 October 2014

-- A repayment premium equal to 20% of the principal amount outstanding if the principal is repaid between 1 November 2014 and 31 December 2014

   --     Redemption date of 31 December 2014. 

All other terms of the LNI remain the same.

- Ends -

 
 For further information: 
 Sorbic International plc              Tel: +44 (0)7768 
                                                031 454 
 John McLean, Chairman      www.sorbicinternational.com 
 
 
 finnCap (Nomad) 
 Geoff Nash / Ben Thompson   Tel: +44 (0) 20 
                                   7220 0500 
 Hybridan LLP (Broker) 
 Claire Louise Noyce         Tel: +44 (0) 20 
                                   3713 4581 
 

Media enquiries:

 
 Abchurch Communications 
 Henry Harrison-Topham /             Tel: +44 (0)20 7398 
  Canace Wong                                       7714 
 canace.wong@abchurch-group.com   www.abchurch-group.com 
 

Notes to Editors: www.sorbicinternational.com

About Sorbic International plc

Sorbic International's principal activity is the production and sale of the food preservatives Sorbic Acid and Potassium Sorbate from its base in Linyi City, Shandong Province, Peoples Republic of China. Approximately half of Sorbic International's production is sold to overseas markets and half into the Chinese domestic market.

Sorbic Acid is a naturally occurring organic compound that is used in all kinds of foods for its anti-decomposition and anti-fungus function and also in grains, medicines, cosmetics, toothpaste, tobacco, animal feed, latex, paper-manufacturing and pesticides. Potassium Sorbate is used to inhibit moulds and yeasts in many foods, such as cheese, wine, yogurt, dried meat, baked goods, cosmetics and pharmaceuticals.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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