Singapore's ASL Marine seeks OK to amend 4¾% series 006 notes due 2017

By Toni Weeks

San Luis Obispo, Calif., Feb. 26 - ASL Marine Holdings Ltd. announced it commenced a consent solicitation for its S$1 million of 4¾% series 006 notes due 2017 under the company's S$300 million multicurrency debt issuance program.

The company is seeking approval from holders of the notes to, inter alia, change the ratio of consolidated total borrowings to consolidated tangible net worth to no greater than 1.75:1 from 1.25:1.

The amendment will increase ASL Marine's flexibility to incur further borrowings to finance expansions from time to time, according to a company notice. The amount that the company and its subsidiaries can borrow is currently restricted by the current financial ratios in the trust deed and the notes, and this restriction will limit ASL Marine's ability to take advantage of opportunistic business opportunities and acquisitions.

Noteholders who vote in favor of the extraordinary resolution or deliver votes prior to the expiration time, 10:30 p.m. ET on March 18, will receive a consent fee of 0.25%.

The quorum required at the meeting shall be two or more persons present holding voting certificates or acting as proxies and representing at least a majority of the principal amount of notes. The meeting is scheduled for 10:30 p.m. ET on March 20.

DBS Bank Ltd. is the solicitation agent.

ASL Marine is a Singapore-based shipping firm.

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