Southern Energy Corp. announce the execution of the fifth amendment to the existing senior secured term loan. The Fifth Amendment includes the extension of the Tranche B availability to August 31, 2025, and a USD 2.0 million increase to the Tranche B commitment for a total Tranche B commitment of USD 31.5 million.

Southern will have approximately USD 11.5 million of capacity remaining on the Credit Facility upon execution of the Fifth Amendment with a current outstanding balance of approximately USD 17.6 million. The amendment also extends the principal amortization period by an additional twelve months while maintaining the existing 12% per annum coupon, resets the debt service coverage ratio covenant calculation to an annualized basis beginning in Fourth Quarter 2023 and allows for repayment and reborrowing under the Tranche B facility. In connection with the Fifth Amendment, the Company has agreed to extend the term of 3,906,250 outstanding common share purchase warrants previously issued to the lender from April 30, 2024 until August 31, 2025.