E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 1/18/2018 in the Prospect News Distressed Debt Daily, Prospect News Emerging Markets Daily and Prospect News Liability Management Daily.

Singapore’s Marco Polo Marine issues call for S$50 million 5¾% notes

By Susanna Moon

Chicago, Jan. 18 – Singapore’s Marco Polo Marine Ltd. called its S$50 million 5¾% notes originally due 2016 under the consent solicitation announced Oct. 24.

The notes will be redeemed on Jan. 25 at the restructuring redemption amount, according to a company notice.

The cash proceeds of the restructuring redemption amount will be S$7,173,600 and the number of noteholders placement shares to be issued will be 204.96 million, according to a separate notice.

As reported, the company was soliciting consents until 11 p.m. ET on Nov. 14 to obtain a waiver for any non-compliance or event of default under the notes as well as seek amendments to include a restructuring redemption option.

Specifically, the issuer was looking to add an option to redeem all of the notes at any time before Jan. 31 at a restructuring redemption amount, payable partially in cash of S$35,868 and partially in the form of 1,024,800 noteholders restructuring shares at an issue price of S$0.035 per share, according to a previous notice.

The bondholders meeting was scheduled for Nov. 15 in Singapore.

As background for the solicitation, the company cited the “steep decline” of oil prices and a business that is cyclical and seasonal in nature.

The market conditions are improving but are expected to remain “challenging,” the company previously said.

As announced in October 2016, holders had approved restructuring the 5¾% notes to push out the maturity for three more years until Oct. 18, 2019.

In return, the company agreed to pay another 1.5% interest per year on the notes and to provide security in the form of a second ranking mortgage over the group’s shipyard land in Batam, Indonesia.

The Singapore-based marine logistics group provides ship chartering, ship building, and conversion, repair and maintenance services.


© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.