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Pacific Radiance offers noteholders S$100m debt-to-equity swap

It is also seeking release of S$4.3 million - representing two coupon payments - from an escrow account for noteholders

Singapore

OFFSHORE and marine group Pacific Radiance is asking holders of its S$100 million medium-term notes to swap their notes for fresh equity, in a bid to restructure its debt.

The firm is also seeking to release a total of S$4.3 million - representing two coupon payments - from an escrow account for noteholders.

The notes, which come with an interest rate of 4.3 per cent, are due to mature on Aug 29 this year.

In a presentation to noteholders at their second informal meeting on Friday, Pacific Radiance said it plans to convert all of the S$100 million notes to equity - at three shares for every S$1, with no lock-up period.

This works out to be about 0.33 Singapore cent for each new share.

Accordingly,...

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