Pacific Radiance sweetens debt-to-equity offer to noteholders

Offshore marine group Pacific Radiance announced on Friday a consent solicitation exercise for a revised restructuring plan with better terms for holders of its S$100 million 4.3 per cent medium-term notes .

In its preliminary proposal, Pacific Radiance offered full conversion of the notes to new equity, at a rate of three new shares for every S$1 held.

Under the revised proposal, also for full conversion, noteholders will receive 19 new shares for every S$5 held, which equates to 3.8 shares for every $1.

Coupon payments totalling S$4.3 million from an escrow account will be retained from the earlier proposal.

The notes are due to mature on Aug 29, 2018.

The company has called for a meeting of noteholders at 10am on Feb 26, 2018, to approve resolutions pertaining to the revised proposal.

Pacific Radiance shares closed at S$0.12 on Thursday.