ASL Marine on track with partial notes redemption

LISTED offshore and marine group ASL Marine Holdings said after trading hours that it is on track to meet a mandatory partial principal redemption of one of two tranches of outstanding notes.

ASL Marine said that in aggregate, S$1.25 million at par, together with the accrued interest will be redeemed on Oct 2, 2017.

This is in addition to S$2.5 million that the group, in a separate announcement on Wednesday, said will be paid up on Sept 28, 2017 towards partial redemption of the Series 6 notes issued.

The group has pledged in December 2016 to deliver on the partial principal redemptions in exchange for securing consent to extend maturity of the two tranches of notes from the noteholders.