Noteholders split over Pacific Radiance's 'sweetened terms'

Singapore

NOTEHOLDERS were divided in their reactions to Pacific Radiance's sweetened terms for the proposed restructuring of S$100 million notes maturing this August.

Some were convinced the updated proposal could be the best possible outcome for noteholders, but not everyone shared that view.

About 40 noteholders attended Wednesday's informal meeting convened by Pacific Radiance, around one-fifth of some 200 holders of the outstanding notes.

Pacific Radiance has improved on two options that called for equity swaps pegged at S$0.101 per share and the issuance of new convertible bonds, which can be converted to shares at S$0.112 apiece.

The company has raised the partial cash redemption extended under the equity swap option to S$15 million, up from S$10 million previously proposed in June. This includes an upfront cash payment of S$5 million, S$5 million to be paid out in Year 4 and S$5 million i…