Rickmers picks Dec 21 for adjourned noteholders meeting

Singapore

THE trustee-manager of Rickmers Maritime said before trading hours on Friday, the adjourned noteholders' meeting to vote on the restructuring of S$100 million medium term notes (MTN) will take place on Dec 21, 2016.

Noteholders will vote on Dec 21 on the proposal tabled by the shipping trust to redeem S$60 million of the principal amount for the MTN with 1.32 billion of units. The proposal will see outstanding notes brought down to S$40 million on revised coupon rates. Repayment of the S$40 million notes will also be pushed out to November 2023 from May 2017. Rickmers Maritime has thrown in a cash hand-out of S$500,000 in all to its noteholders to sweeten the deal.