ASL Marine's note issues extended

ASL Marine announced on Friday that the motion to seek an extension from bondholders of two note issues due soon worth S$150 million altogether have been duly passed.

The first bond issue that it is looking to restructure is a S$100 million issue, with the bonds paying 4.75 per cent per year, which are due in March 2017.

For this, ASL Marine proposed to pay a coupon of 5.5 per cent for the one-year period till March 2018.

It will then pay a coupon of 6 per cent for the one-year period up to March 2019, and a coupon of 6.5 per cent for the year to March 2020.

Out of the 385 votes cast at the consent solicitation exercise for the first bond issue, 380 votes casted in favour.

ASL Marine's second note issue involves S$50 million in bonds, with each note paying a coupon of 5.35 per cent. This is originally due in October 2018.

The company has proposed to extend the maturity of these bonds to October 2021. In exchange, it will step up the coupon rates over the period.

At the same meeting, out of the total 192 votes cast, all 192 voted in favour of the resolution.