Notes trustee calls on Swiber to pay up outstanding coupons

THE trustee of three series of medium-term notes issued by Swiber Holdings has called for the settlement of unpaid coupons due and payable for these notes, more than a year after the company entered into judicial management, according to a disclosure issued by the holding company.

Swiber Holdings said after Wednesday's trading hours that British and Malayan Trustees Ltd in a notification issued on March 6 to the company stated that events of default have occurred for Series 14, 15 and 17 notes.

The notes trustee has also notified Swiber that any unpaid coupons tied to these notes are immediately due and payable.

The trustee has named, among others, the court order dated Oct 6, 2016 that was obtained by Swiber to place itself under judicial management, as events of default.

The three series of notes with principal values of S$160 million, S$100 million and 450 million yuan are pegged to coupon rates of 7.125 per cent, 5.55 per cent and 7.75 per cent respectively. They were due for redemption in 2016 and 2017.