Nam Cheong pays Aug. 26, Aug. 28 coupons using reserve accounts

By Marisa Wong

Morgantown, W.Va., Aug. 29 – Malaysia’s Nam Cheong Ltd. said it made on Aug. 28 a coupon and principal payment on its 5% series 002 notes due 2017 and a coupon payment on its 5.05% series 003 notes due 2019.

The company used money from interest service reserve accounts to pay the coupon and principal due Aug. 28 for the series 002 notes and the coupon due Aug. 26 for the series 003 notes. For the series 002 notes, the company paid the coupon in full and the principal in part on a pro rata basis.

In a company announcement on Aug. 23, Nam Cheong’s board of directors had said the company would not be making the August coupon and principal payments due on its series 002 notes and series 003 notes.

On Aug. 24, however, the company said it expected trustee DBS Trustee Ltd. to withdraw money from the series 002 interest service reserve account and the series 003 interest service reserve account to make the payments for the series 002 and series 003 notes, respectively.

According to a previous release, each reserve account contains two coupon payments for the respective note series.

Nam Cheong is a Kuala Lumpur-based offshore marine group that specializes in building offshore support vessels.

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