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Singapore’s Miclyn holders tender S$196 million 8˝% notes to date, give some consents
By Susanna Moon
Chicago, Nov. 9 – Miclyn Express Offshore Ltd. said investors had tendered S$196 million of its S$200 million of 8˝% senior secured guaranteed bonds due 2016 as of 4 a.m. ET on Nov. 9, the early consent deadline.
Also, holders of S$1 million principal amount of the bonds cast votes in favor of the first extraordinary resolution at the first meeting, according to a company notice.
Holders of S$500,000 principal amount of the bonds have cast votes in favor of the second extraordinary resolution at the second meeting.
The tender offer and consent solicitations will continue until 9:30 p.m. ET on Nov. 22.
The company said that it began a tender offer and two consent solicitations for the 8˝% notes.
In the first consent solicitation, the company is seeking to amend the call option to allow 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 solicitation, the company is asking for 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.
As previously announced, holders who consent to the redemption by the early consent deadline will receive a consent fee of 0.2%. Those who consent after that time 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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