Pacific Radiance reaches indicative terms to place up to US$85m of shares

PACIFIC Radiance has signed a non-binding term sheet with potential anchor investors to inject up to US$85 million through a stock placement, the offshore support vessel company announced on Tuesday.

Pacific Radiance plans to raise another US$35 million through either or both of a private placement and rights issue. That would take the company's total equity capital raising to US$120 million, in line with its proposed restructuring plan.

The anchor investors' commitment is conditional upon the completion of the restructuring and the approval of company shareholders.

Pacific Radiance shares are currently suspended.