Pacific Radiance refinances US$185m of loans coming due

MARINE and offshore support services firm Pacific Radiance said it has extended existing term loans and renewed its credit facilities on US$185 million due in the near to medium term.

"With the support of the group's key lenders, the profile of the term loans has been refinanced to 12 years from an average of seven years previously, and the maturities have largely been extended from 2019 to 2021," the firm said.

Interest rates of newly refinanced loans "remain largely status quo", it said.

Pacific Radiance traded unchanged at S$0.157 before the announcement.