Future Energy Source, which trades as FESCO, recently retired about $700 million in 11.75% per annum bonds and replaced them with a loan at an interest rate of nine per cent per annum.
This has led to a significant reduction in interest expense and the generation of more free cash flow.
Jeremy Barnes, CEO of the company, says the replacement of the bonds with the loan, which will mature in 2029, will result in a $16 million reduction in interest payments.
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