ASL Marine lines up new loan of S$99.9m

MAINBOARD-LISTED ASL Marine announced after Friday trading hours it has lined up a five-year club term loan facility of S$99.9 million from various lenders.

The new loan is subject to the listed player securing noteholders' consent to extend repayments of two fixed rate notes amounting to S$100 million and S$50 million by three years or more.

The S$100 million and S$50 million notes are maturing on March 28, 2017, and Oct 1 2018, respectively.

ASL Marine has appointed a solicitation agent and intends to engage the noteholders in discussions prior to the launch of the consent solicitation exercise.

It said it believes that it will have a reasonably good chance of obtaining the required approvals from noteholders.