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Swiber redeems maturing S$95m bond, easing investor concerns

[SINGAPORE] Swiber Holdings has redeemed in full its S$95 million 6.25 per cent three-year bond due to mature on June 8.

An announcement on Monday said the redemption would not have a material impact on the company's net tangible assets or earnings per share for the financial year ending December 31 2015.

The redemption will put to rest some of the concerns of fixed-income investors over Swiber's ability to meet principal repayment obligations for this year.

Swiber also faces a call on its 9.75 per cent perpetual bonds due on September 25, but stated in early May that it planned to exercise the call option on the S$80 million issue.

At the same time, the offshore oil-and-gas services company had repurchased and cancelled S$750,000 of the perp securities in a show of commitment.

IFR Markets

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