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Miclyn Express Offshore defaults on coupon payment and secured loan facilities

PRIVATELY-HELD Miclyn Express Offshore Ltd is defaulting on a coupon payment for its US$150 million bonds maturing in 2018, and also the principal instalment and interest due on the same day for certain senior secured loan facilities.

The coupon payment of US$6.56 million was due on Nov 27.

Nevertheless, the provider of offshore support vessels said that its primary lender remains supportive of the group, which is owned by private equity outfits. The lender has also confirmed that it will temporarily refrain from taking any enforcement action or consenting to any proposed enforcement action.

Miclyn said that it is working with this lender and noteholders to finalise a comprehensive, consensual restructuring of its debts. The group has engaged nTan Corporate Advisory Pte Ltd to help finalise these discussions, and implement the restructuring once agreed.

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In the meantime, the company expects to continue operating its business as usual.

In a separate announcement, Miclyn said that the Securities Investors Association (Singapore) will be hosting and moderating a dialogue session with noteholders on the afternoon of Dec 5. The company's senior management and professional advisers will also be present at this session.