Singapore’s Goliath gets holder approval for $4 million add-on issue

By Susanna Moon

Chicago, Feb. 21 – Goliath Offshore Holdings Pte. Ltd. obtained approval to amend its $220 million of 12% senior secured callable bond issue 2015/2017 and its $54,123,799 of super senior secured bond issue 2015/2017.

For each series, there were enough holders to form a quorum and the measure garnered support from 100% of the votes cast, according to a notice from bond trustee Nordic Trustee ASA.

The meeting was held Tuesday.

As announced Feb. 10, Goliath asked bondholders to approve an up to $4 million tap issuance of additional senior secured bonds to meet the costs related to the company’s NOR Goliath vessel.

In addition, the maturity date under the existing bond agreements will be extended to June 11, 2018.

The trustee previously said Goliath Offshore continues to explore all options for the charter, sale or other commercial arrangement for the vessel, but there is no agreement for the future sale or employment of the vessel.

The proposed tap bonds would be issued in several tranches, with an initial $2 million issuance. The tap bonds will be offered exclusively to existing bondholders, giving them a right of first refusal.

The subscription period was set to expire on Feb. 21, and the tap bonds are expected to be issued on Feb. 28.

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

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