Singapore’s Pacific Radiance plans consent bid for 4.3% notes due 2018

By Susanna Moon

Chicago, Dec. 18 – Pacific Radiance Ltd. said it plans to hold a consent solicitation for its S$100 million of 4.3% series 001 notes due 2018 by late February.

The consent solicitation will “be carried out to facilitate the release of the monies in the escrow account to meet the coupon due in February,” according to a company presentation.

The company said it is also seeking support for the group’s restructuring along with the financial lenders.

The company plans to hold the second informal meeting for the noteholders by mid-January.

The coupon is due Feb. 28.

The company said that S$4.3 million in the escrow can be used to meet the coupon due in February.

The company also plans to form a steering committee of three or more noteholders in odd numbers by December.

As announced Nov. 21, the first informal meeting was held Dec. 15 in Singapore “for the purpose of updating the noteholders on the progress of the restructuring.”

Pacific Radiance owns and operates offshore vessels and provides subsea services, shipyard services, marine equipment and project logistics to the oil and gas industry. The company is based in Singapore.

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