Goliath Offshore bondholders asked to approve $20 million tap issue

By Caroline Salls

Pittsburgh, June 15 – Goliath Offshore Holdings Pte. Ltd.’s 12% senior secured callable bondholders and 15% super senior secured bondholders are being asked to approve a $20 million tap issue to fund dry docking and ongoing vessel operating expenses for the NOR Goliath, according to a notice from bond trustee Nordic Trustee ASA.

The NOR Goliath was previously the OSA Goliath but was registered in the Marshall Islands and renamed on June 11.

The trustee said the dry docking is necessary so a routine special survey can be performed on the vessel. The estimated cost of the dry docking is $11.9 million.

In addition to the dry docking and operating expenses, the $20 million tap issue will be used to fund the bondholders’ recovery expenses.

Pareto Securities Pte. Ltd. (Singapore) and Pareto Securities AS are the arrangers for the liquidity bond issue.

The subscription period will end on June 25. Allocation is expected to be sent out on June 26. July 3 is the expected settlement date.

The minimum subscription amount will be $200,000, with subscriptions to be made in $100,000 increments thereafter.

A bondholders’ meeting is scheduled for June 22 for a vote on the tap issue.

OSA Goliath Pte. Ltd. is a subsidiary of Mexico City-based offshore oil engineering services company Oceanografia SA de CV.

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