Singapore’s Pacific International to redeem option A, B securities

By William Gullotti

Buffalo, N.Y., Nov. 29 – Pacific International Lines (Pte.) Ltd. announced it will redeem all of its option A (ISIN: SGXZ63458194) and option B (ISIN: SGXZ59299834) securities on Dec. 30, according to a notice on Monday.

The option A variable rate subordinated perpetuals will be redeemed at par plus accrued and unpaid distributions up to, but not including, the redemption date.

The option B variable rate subordinated perpetuals will be redeemed at par plus an additional 96.25% additional payment plus accrued and unpaid distributions up to, but not including, the redemption date. Due to the terms of the option B securities, investors will receive an aggregate payout equal to 200% of the initial principal amount.

According to the notice, in addition to the redemptions, the company will also be making a full prepayment of its reinstated senior debts on Dec. 30 to complete the discharge of all its scheme debts and the corresponding completion of the scheme.

Pacific International Lines is a shipping company based in Singapore.

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