Mermaid Maritime establishes $500 million multicurrency debt program

By Toni Weeks

San Luis Obispo, Calif., May 8 – Mermaid Maritime PCL said it has established a $500 million multicurrency debt issuance program, according to a notice.

Under the program, the company may issue notes and perpetual securities from time to time, in series or tranches denominated in Singapore dollars or any other currency agreed upon between the issuer and the relevant dealer on the same or different issue dates.

Each series or tranche of notes may be issued in various amounts and tenors and may bear interest at fixed, floating, variable or hybrid rates, or it may not bear any interest.

The perpetual securities may be issued in various amounts, and they may bear fixed or floating rates of distribution. Distributions may be deferred at the option of the issuer.

The securities will be offered n Singapore.

Proceeds will be used for general corporate purposes, including refinancing of existing borrowings and financing of working capital investments and capital expenditure requirements.

The Bangkok-based company is a provider of drilling and sub-sea engineering services for the offshore oil and gas industry.

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