Tiger Holdco needs bond extension until weather is better

Chicago, June 9 – Tiger Holdco Pte. Ltd. is asking bondholders of the $270 million issue of senior secured bonds due in 2023 (ISIN: NO0010950272) to extend the terms of the notes until the weather is better and a refinancing transaction can occur, according to a summons for a written resolution from the trustee.

Tiger was part of a consortium of lenders of a $930 million senior secured facility for the construction of the Armada Sterling V FPSO in 2021.

The project has been completed and the FPSO (floating production storage and offloading) is in place; however a final test is necessary to declare that the FPSO is completely clear of the construction phase.

An approval letter is ready from Bank of Baroda to refinance the loan, but because of bad weather and other circumstances beyond control, including a month-long entanglement in fishing nets according to The Economic Times, there has been a delay on final acceptance of the FPSO and the issuer will require an extension on the scheduled maturity date, June 10.

More than two-thirds of the bondholders already approve the proposal, which is the following:

• $55 million of the outstanding bonds will be redeemed pro rata before June 16, reducing the outstanding amount to $231,150,349 from $286,650,349;

• An upfront fee of 1% on the amount outstanding as of June will be paid to bondholders before June 23;

• The maturity date will be extended to Sept. 10;

• The bonds will be redeemed at 104 on the new maturity date; and

• If prepaid before Sept. 10, bondholders would receive stepped up redemption payments.

The voting period expires at 10 a.m. ET on June 27.

Arctic Securities AS is the manager for the proposal (+47 48 40 32 12, truls.wiel@arctic.com).

Nordic Trust is the bond trustee (+47 919 12 595, trosch@nordictrustee.com).

Tiger Holdco is incorporated in Singapore.

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