KrisEnergy enhances coupon payment to bondholders

Singapore

UPSTREAM oil and gas company KrisEnergy has enhanced the coupon payment for its new bonds as it seeks to restructure S$330 million of bonds due 2017 and 2018 in a consent solicitation exercise launched on Thursday.

The group is asking its noteholders to exchange their existing bonds at full face value for new notes that mature five years later, between 2022 and 2023.

Under the financial restructuring plan announced on Nov 3, KrisEnergy had initially proposed a fixed interest rate of 4 per cent a year for the new notes, comprising 2 p…