Business

Monday 21 August 2017

Providence repays $20m Melody debt

Tony O’Reilly Jr of Providence
Tony O’Reilly Jr of Providence
Michael Cogley

Michael Cogley

Irish exploration firm Providence Resources has repaid the $20m debt owed to Melody Business Finance after the resolution was passed at the company's EGM last Thursday.

Tony O'Reilly's firm received an extension on the debt facility in December, allowing it up to May 2018 if needed.

The payment had been scheduled to be made in May of this year.

Providence has also allocated 9,938,033 ordinary shares to Melody.

At the EGM, shareholders approved the company's plans to raise $73.4m (€65m) through a sale of shares to new and existing investors.

Providence also said it had "discharged the balance of uncontested sums" that it owes to Transocean Drilling.

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