Pacific International Lines issues add-ons to perpetual floaters

By Rebecca Melvin

Concord, N.H., May 15 – Singapore’s Pacific International Lines (Private) Ltd. sold add-on tranches to two series of variable-rate subordinated perpetual capital securities. The tranche 002 securities will be consolidated and form a single series with the original tranches, and they include S$64,798,114 million of option A securities to be added on to S$128,013,294 of securities, and S$20,405,499 option B securities to be added on to $27,498,008 of existing notes, according to a company news release on Friday.

The issuance is being made under a court-ordered scheme of arrangement.

Distributions for option A securities will be 1% until March 31, 2023 and then 2% until March 31, 2025, 3% until March 31, 2028 and 5% until March 31, 2028.

For the option B securities there is a 5% distribution rate until March 31, 2026, and then it steps up to 6%. And from March 31, 2029 to March 31, 2030, the distribution rate is 7% and from March 31, 2030, the rate is 8%.

Evercore Asia (Singapore) Pte Ltd was mandated as lead manager of the tranche 002 securities.

DB International Trust (Singapore) Ltd. is the trustee, and Deutsche Bank AG, Singapore Branch is the principal paying agent.

The issuer is a shipping company.

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