Singapore’s ASL to hold clinics regarding consent solicitation

By Wendy Van Sickle

Columbus, Ohio, Jan. 9 – ASL Marine Holdings Ltd. will hold a series of informal clinics relating to its solicitation of consents from holders of the S$100 million of 4¾% series 006 notes due 2017 and S$50 million 5.35% series 007 notes due 2018, according to a notice.

The clinics will be held daily from 8 a.m. ET to 10 a.m. ET from Jan. 14 through Jan. 18 at 8 Wilkie Road, #03-08 Wilkie Edge, Singapore 228095.

A noteholder who is an individual must attend in person and will not be permitted to appoint a proxy.

A noteholder that is a corporation may appoint one representative to attend on its behalf.

Only noteholders may attend, and professional advisers such as accountants, stockbrokers, lawyers and other agents will not be permitted, in order to “facilitate an open discussion with noteholders,” according to the notice.

Noteholders who wish to attend are requested to RSVP by contacting RSM Corporate Advisory Pte Ltd at +65 6594 7648 or asl_seriesnotes@RSMSingapore.sg.

As reported on Jan. 7, the company is seeking some amendments to the notes issued under its S$500 million multicurrency debt issue program that would extend the maturity dates of each series and adjust the coupon, among other things.

The series 006 notes would be extended to March 28, 2025 from March 28, 2020.

The interest rate on the series 006 notes would be altered, as of Sept. 28, 2018 to 3% plus the lower of the adjusted core EBITDA payment rate in the financial year immediately prior to the interest payment date or 2%, from 6%.

The series 007 notes would be extended to Oct. 1, 2026 from Oct. 1, 2021.

The interest rate on the series 007 notes would be altered, as of Oct. 1, 2018 to 3% plus the lower of the adjusted core EBITDA payment rate in the financial year immediately prior to the interest payment date or 2%, from 6%.

The amendments would also, among other changes, alter the definitions of redemption amount and calculation amount; change the negative pledge provision; delete some financial covenants; and amend the negative pledge provisions and the mandatory redemption provision; provide for the issuance of warrants to holders of each series; and waive events of default.

Holders who consent to the amendments by the early deadline will receive a consent fee of S$750 in cash for every S$250,000 principal amount.

The early deadline is 4 a.m. ET on Jan. 23.

Holders who deliver consent instructions after that deadline will receive S$500 for each S$250,000 of notes.

Meetings will be held at 9 p.m. ET and 9:30 p.m. ET on Jan. 29 for the series 006 and 007 notes, respectively.

Tricor Singapore Pte. Ltd. is the meeting agent.

ASL Marine is a Singapore-based shipping firm.

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