Tiger Holdco holders OK bond extension; $55 million bonds to be called

By Wendy Van Sickle

Columbus, Ohio, June 12 – Tiger Holdco Pte. Ltd. said holders of its $270 million issue of senior secured bonds due in 2023 (ISIN: NO0010950272) approved by way of a written resolution the company’s proposal made June 9, according to a Monday notice.

As a result, the company said it will redeem $55 million of the bonds at par on June 16. No interest will be paid on the bonds being redeemed.

As previously reported, the proposal included

• An upfront fee of 1% on the amount outstanding as of June will be paid to bondholders before June 23;

• The maturity date will be extended to Sept. 10;

• The bonds will be redeemed at 104 on the new maturity date; and

• If prepaid before Sept. 10, bondholders will receive stepped up redemption payments.

Background

Tiger was part of a consortium of lenders of a $930 million senior secured facility for the construction of the Armada Sterling V FPSO in 2021.

The project has been completed and the FPSO (floating production storage and offloading) is in place; however a final test is necessary to declare that the FPSO is completely clear of the construction phase.

An approval letter is ready from Bank of Baroda to refinance the loan, but because of bad weather and other circumstances beyond control, including a month-long entanglement in fishing nets according to The Economic Times, there has been a delay on final acceptance of the FPSO and the issuer will require an extension on the scheduled maturity date, June 10.

Arctic Securities AS was the manager for the proposal (+47 48 40 32 12, truls.wiel@arctic.com).

Nordic Trust is the bond trustee (+47 919 12 595, trosch@nordictrustee.com).

Tiger Holdco is incorporated in Singapore.

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