Singapore’s Pacific International Lines cancels S$33 million 7¼% notes

By Angela McDaniels

Tacoma, Wash., Nov. 20 – Pacific International Lines (Pte.) Ltd. said it canceled S$33 million principal amount of its series 002 S$130 million 7¼% notes due 2018, leaving S$97 million outstanding.

On Nov. 2, the company invited holders to sell their 7¼% notes to Standard Chartered Bank, as the billing and delivery bank, at par through 2 a.m. ET on Nov. 9.

Holders who tendered their 7¼% notes were required to purchase their allocation of new series 003 8½% notes due 2020.

Pacific International also issued 8½% notes for cash at par. The total issue size is S$60 million.

The settlement date for the new notes was Nov. 16, and the settlement date for the repurchase of the 7¼% notes was Nov. 17.

Proceeds from the new notes were used to fund the repurchase of the 7¼% notes acquired by Standard Chartered Bank and will be used to refinance existing borrowings, for financing investments and for general working capital purposes.

Credit Suisse (Singapore) Ltd. and Standard Chartered Bank were the dealer managers.

Pacific International Lines is a shipping company based in Singapore.

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