Singapore’s Goliath Offshore to make in-kind payment on 12%, 15% notes

By Wendy Van Sickle

Columbus, Ohio, Feb. 3 – Goliath Offshore Holdings Pte. Ltd. will make a payment in kind on Feb. 9 of accrued interest 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.

Interest had previously been capitalized, because there have been no funds in the bonds’ debt service accounts since their issuance.

The payment for the 12% bonds, when compounded at every interest payment date, will equal 12.93682%.

The compounded payment for the 15% bonds will equal 16.47857%.

The payments include interest to but excluding the last interest payment date of Dec. 11.

The company plans to put out a summons to a bondholders’ meeting that will include a proposal to approve issuance of addition bonds under the super senior bond agreement that would extend the maturities of both bonds.

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

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