Singapore’s Swiber sees defaults under three note series; coupons due

By Marisa Wong

Morgantown, W.Va., March 7 – Swiber Holdings Ltd. said it received notice on Tuesday that events of default have occurred under its S$160 million 7 1/8% series 014 notes due 2017, S$100 million 5.55% series 015 notes due 2016 and RMB 450 million 7¾% series 017 notes due 2017.

Any unpaid coupons under the series 014, series 015 and series 017 notes are immediately due and payable, according to a company announcement on Wednesday.

British Malayan Trustees Ltd., trustee for the notes, also notified Swiber that events of default had occurred when the company applied for and obtained an order of court dated Oct. 6, 2016 and placed itself in judicial management.

The three series of notes were issued under the company’s S$1 billion multicurrency debt issuance program.

Swiber is a Singapore-based offshore oil and gas company.

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