Keppel

THE forbearance agreement between Keppel Corp associate Floatel International and an ad-hoc committee of holders of its US$400 million senior secured, first-lien 9 per cent bonds has again been extended, this time to Sept 30, from Sept 15.

Aside from the first-lien bonds, Floatel also has US$75 million in second-lien 12.75 per cent bonds and is the borrower under a US$150 million term loan and US$100 million in undrawn revolving credit facilities with a syndicate of bank lenders.