Prospect Global Resources Inc fka PGRX

[Tinkerer]

Prospect Global Completes Senior Debt Restructuring
2 hours 38 minutes ago - PR Newswire via Comtex
Prospect Global Resources, Inc. (NASDAQ: PGRX) announced today the successful restructuring of its long-term debt with the Karlsson Group ("KG"), advancing its long-term plan to build a potash mine in the Holbrook Basin of Arizona.

Key highlights include:

-- Debt maturity extended to July 2015; interim principal payment of $30 million due January 2015

-- Interim payments to KG decreased to 10% of any capital raised after $10 million of capital raised (previously 40% of any capital raised)

-- Restructured $6.75 million Unsecured Notes from 3rd party to extend maturity dates, and reduced interim capital payments to 10% of any capital raised after $10 million of capital raised (previously 33% of any capital raised)

-- The Company is required to meet interim financing milestones to fund the continued development of the Holbrook Basin project

"We are very pleased with the outcome of our restructuring efforts," said Damon Barber, Prospect Global's President and Chief Executive Officer. "The restructuring of our debt marks a significant step forward for the company. Despite the recent volatility in our stock price, we believe that we are now well positioned to move forward in building long-term value for all shareholders."