Rickmers major lenders back debt refinancing plan

Singapore

THE major bank lenders of Rickmers Maritime have extended an offer to refinance most of the trust's outstanding bank loans amid a drastic downturn in the container shipping sector.

One key condition of the offer from the senior lenders led by HSH Nordbank is the successful restructuring of S$100 million of medium-term notes due in May 2017 that will require noteholders to take a significant haircut.

In this respect, the debt refinancing plan floated for the trust has been touted as the most holistic package so far tabled for a Singapore-listed maritime player this year.

In its statement on the refinancing discussion, Rickmers Trust Management (RTM), the trustee-manager of Rickmers Maritime, said that it is actively engaged with all the bank lenders on a comprehensive refinancing plan which, if achieved, will result in a unified credit facility, in line with the tru…