Singapore's Otto Marine amends 4.845% notes following holder approval

By Marisa Wong

Madison, Wis., Dec. 29 - Otto Marine Ltd. subsidiary Otto Marine Services Pte. Ltd. announced that holders of its S$100 million of 4.845% fixed-rate notes due 2013 voted in favor of proposed amendments to the trust deed for the notes. The resolution was passed at an extraordinary meeting held on Dec. 17.

The proposed amendments delete some clauses and conditions and the definitions of EBITDA and interest expense.

The subsidiary, the parent company, as guarantor of the notes, and British and Malayan Trustee Ltd., as trustee of the notes, entered into a supplemental trust deed on Dec. 29.

Singapore-based Otto Marine constructs, charters and leases vessels.

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