TTE, which recently changed its name from Titan Energy, revealed Monday it had entered into a terms sheet agreement with DPJ for the first tranche of US$1 million through a West Texas Intermediate adjustable rate convertible bond.
The coupon rate on the bond is 20% of the WTI oil price, expressed as a percentage, with a minimum of 8% and a maximum of 20% interest if the WTI oil price hits $100 or above.
TTE
