Pacific Radiance seeks consents to redeem 2020 notes via stock, perpetuals, to waive defaults

By Marisa Wong

Los Angeles, Feb. 10 – Pacific Radiance Ltd. has begun a consent solicitation for its S$100 million 4.3% notes due 2020 (ISIN: SG6SF2000004).

The company is asking noteholders to approve the following:

• An amendment to the conditions of the notes so that notes may be redeemed through an issuance of new ordinary shares or an issuance of perpetual securities;

• A waiver of the non-payment of principal due March 31, 2020 and changes to the trust deed for the notes so that no interest will accrue or be payable after Aug. 29, 2018;

• A waiver of compliance with some financial covenants and general covenants;

• A waiver of any event of default or potential event of default that may have occurred or may occur; and

• Various other waivers that will allow the company to carry out transactions related to this consent solicitation.

The consent solicitation expires at 9 p.m. ET on March 7.

A noteholders meeting is scheduled for 9 p.m. ET on March 9.

The series 001 notes were originally issued under the company’s S$1 billion multicurrency debt issuance program.

Tricor Singapore Pte. Ltd. (+65 6236 3550/3555, is.corporateactions@sg.tricorglobal.com) is the agent for the consent solicitation.

Pacific Radiance owns and operates offshore vessels and provides subsea services, shipyard services, marine equipment and project logistics to the oil and gas industry. The company is based in Singapore.

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