Singapore's ASL Marine gets consents to amend 4¾% notes due 2017

By Marisa Wong

Madison, Wis., March 21 - ASL Marine Holdings Ltd. announced that holders of its S$100 million 4¾% series 006 notes due 2017 voted in favor of an extraordinary resolution to amend the notes at a meeting held on Friday.

ASL Marine has entered into a supplemental trust deed amending the notes, which were issued under the company's S$300 million multicurrency debt issuance program.

As previously announced, the company began a consent solicitation on Feb. 27 seeking approval from noteholders to change the ratio of consolidated total borrowings to consolidated tangible net worth to no greater than 1.75 to 1 from 1.25 to 1.

The amendment increases ASL Marine's flexibility to incur further borrowings to finance expansions from time to time, according to a prior 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 voted in favor of the extraordinary resolution or delivered votes prior to the expiration time on March 18 will receive a consent fee of 0.25%.

The quorum required at the meeting was two or more persons present holding voting certificates or acting as proxies and representing a majority of the principal amount of notes.

DBS Bank Ltd. was the solicitation agent.

ASL Marine is a Singapore-based shipping firm.

© 2015 Prospect News.
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