Singapore’s Miclyn begins tender offer, consent bids for 8˝% notes

By Angela McDaniels

Tacoma, Wash., Oct. 29 – Miclyn Express Offshore Ltd. began a tender offer and two consent solicitations for its S$200 million of 8˝% senior secured guaranteed bonds due 2016, according to a company news release.

Further details of the tender offer were not disclosed.

In one consent solicitation, the company is seeking to amend the call option to enable it to redeem all or some of the bonds at par plus accrued interest at any time prior to Dec. 12, 2016.

In the second consent solicitation, it is seeking approval to amend the negative pledge to permit it and its subsidiaries to grant security interests over debt that it incurred to refinance the existing bonds and to amend the financial covenants.

Bondholders who consent to the redemption by 4 a.m. ET on Nov. 9 will receive a consent fee of 0.2%. Bondholders who consent after that time but prior to 9:30 p.m. ET on Nov. 22 will receive a consent fee of 0.05%.

For the second consent solicitation, the company is offering a consent fee of 0.8% to bondholders who consent by 4 a.m. ET on Nov. 9 and 0.2% to those who consent after that time but prior to 9:30 p.m. ET on Nov. 22.

The dealer manager is DBS Bank Ltd. (65 6222 4261 or liabilitymanagement@dbs.com), and the tender agent is Deutsche Bank AG, Singapore Branch (65 6423 5982/4091/8232 or sg.csg@list.db.com).

Singapore-based Miclyn Express is a provider of service vessels to the offshore oil and gas industry across Southeast Asia, Australia and the Middle East.

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