Pacific Radiance to hold second meeting with bondholders over S$100m notes due August

PACIFIC Radiance, an offshore marine support firm, on Friday said it will set up a second informal meeting this month with the holders of S$100 million in notes due 2018 that are due for restructuring. 

The notes have a coupon of 4.3 per cent, and are due on Aug 29 this year. 

The offshore and marine group has proposed a debt-to-equity conversion of the notes. Based on meeting notes from the first informal meeting held with noteholders, the debt-to-equity conversion will translate to noteholders controlling about 6 per cent of the enlarged share capital of Pacific Radiance, assuming new investors and banks adhere to the latest restructuring plan. 

The meeting will be held at Suntec Singapore International Convention & Exhibition Centre on July 18 at 3pm.