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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Syngenta to withdraw China IPO application on weak market: sources
Chinese firms’ fundraisings in limbo as IPOs scrutinised at home and abroad
China’s Huawei continues rebound with strongest earnings growth since 2019
Hatten Land gets notice of default, letter of demand for RM14 million, appoints financial adviser
ComfortDelGro wins contracts to run buses in Manchester
Sam Bankman-Fried, at sentencing, acknowledges FTX customers have suffered