Singapore’s Rickmers reschedules 8.45% noteholder meeting for Dec. 20

By Angela McDaniels

Tacoma, Wash., Dec. 9 – Rickmers Maritime will reconvene the meeting for its S$60 million 8.45% notes due May 15, 2017 at 9 p.m. ET on Dec. 20, according to a company notice.

The instruction deadline is 9 p.m. ET on Dec. 19.

The quorum for the meeting is two or more persons holding or representing at least 25% of the outstanding notes.

As previously reported, the meeting was originally scheduled for Nov. 9 but was adjourned when the 75% threshold needed to establish a quorum was not met.

The company is seeking approval to

• Revoke any instruction given by any noteholders to the trustee to declare the notes immediately due and repayable;

• Revoke any notice given by the trustee declaring the notes immediately due and repayable;

• Waive the interest that was payable on Nov. 15;

• Extend the maturity date to Nov. 15, 2023 from May 15, 2017;

• Change the interest rate to zero from May 15, 2016 to but excluding Nov. 15, 2.7% from Nov. 15 to but excluding Nov. 15, 2019, 3.3% from Nov. 15, 2019 to but excluding Nov. 15, 2020, 3.9% from Nov. 15, 2020 to but excluding Nov. 15, 2021, 4.5% from Nov. 15, 2021 to but excluding Nov. 15, 2022 and 5.2% from Nov. 15, 2022 to but excluding Nov. 15, 2023;

• Give the issuer the option to redeem S$150,000 of the S$250,000 principal of each note, or S$60 million in total, via the issue of new units in Rickmers Maritime by Dec. 31. A special upfront coupon payment of S$1,250 per note, covering the period from Nov. 15 to but excluding Nov. 15, 2017, would be paid in connection with the redemption;

• Change the redemption amount to the denomination amount less S$150,000 once the units are issued:

• Waive some events of default or potential events of default, including those related to the non-payment of the Nov. 15 interest amount.

The proposed number of new units to be issued in the partial redemption depends on the outcome of an upcoming meeting of Rickmers Maritime’s unitholders to approve the issue of 1.32 billion new units to noteholders, the company said. This would represent 150% of the existing units in the trust, or 60% of the enlarged total number of units upon issue.

If approval from unitholders is not obtained, about 175.9 million new units, or about 20% of the existing units in the trust or 16.7% of the enlarged total number of units upon issue, would be issued to noteholders under a general mandate approved by unitholders at the annual general meeting held on April 30.

The company obtained unitholders’ approval at a meeting held on Oct. 31 to wind up the trust in the event of an unsuccessful restructuring.

The meeting agent for the noteholder meeting is Deutsche Bank AG, Singapore Branch (+65 6423 5982/8232/6656).

Based in Singapore, Rickmers Maritime is a container ship operator and charterer. Its trustee-manager is Rickmers Trust Management Pte. Ltd.

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