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

By Angela McDaniels

Tacoma, Wash., June 13 – Goliath Offshore Holdings Pte. Ltd. capitalized the interest payments due June 11 on its $220 million 12% senior secured callable bonds due 2017 and Goliath Holding Pte. Ltd.’s $23,396,993 15% super senior callable 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.

The coupon due June 11 was set to zero, and the capitalization was done without any payment in kind.

As previously reported, the companies capitalized the interest payments due March 11 on the notes.

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

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