SINGAPORE - Holders of Pacific Radiance's $100 million of 4.3 per cent notes due Aug 29 will meet on Aug 24 to vote on the offshore and marine contractor's proposed restructuring of their bonds.
The company will conduct informal clinic sessions for noteholders on Aug 8 and 10, from 4pm to 6pm at the office of Dentons Rodyk & Davidson to address any queries from noteholders in relation to the consent solicitation exercise.
Pacific Radiance has asked bondholders to swap out their bonds for warrants and either of two options: cash and equity, or convertible bonds.
Under the cash-and-equity option, bondholders will receive $37,500 in cash and 2.104 million Pacific Radiance shares for every $250,000 of notes held, in addition to 125,000 four-year warrants with a strike price of 2.8 cents. The cash component is to be paid out in three installments over seven years.
Under the convertible bond option, bondholders will receive $250,000 of 0.25 per cent nine-year convertible bonds for every $250,000 of straight bonds held. The convertibles will have an initial conversion price of $0.112 per share, and the coupon will step up at 25 basis points after every three years. As with the other option, bondholders will also receive 125,000 four-year warrants with a 2.8 cent strike price for every $250,000 of bonds held.
Among other conditions, the company also is seeking to waive the non-payment of the principal amount of the notes, and to postpone the maturity date of the notes till Sept 30, 2019.
Trading of Pacific Radiance shares has been voluntarily suspended since Feb 28.