Singapore’s Goliath Offshore capitalizes interest on 12%, 15% notes

By Wendy Van Sickle

Columbus, Ohio, March 11 – Goliath Offshore Holdings Pte. Ltd. capitalized the interest payment due March 11 on its $220 million 12% senior secured bonds due 2017 and Goliath Holding Pte. Ltd.’s $43,396,993 15% super senior secured bonds due 2017, according to a notice from bond trustee Nordic Trustee ASA.

Under the terms of the bonds, the amount paid on interest payment dates is calculated based on the amount in the debt service accounts. The interest is being capitalized because there are no amounts in the debt service accounts.

Goliath’s subsidiaries offer marine transportation services. The holding company is based in Singapore.

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