Offshore marine services firm Pacific Radiance yesterday said it is in "advanced discussions" for at least US$180 million (S$249.5 million) of debt funding.
As part of repayment, the group will issue new company shares and/or warrants to the financier, who will own up to 15 per cent of the company's enlarged share capital. Pacific Radiance is also planning to raise additional equity through a share placement with equity investors, with the plans for debt funding and equity subscription forming a part of the company's debt restructuring plan, it added.
The new debt and new equity will be used to finance the group's proposed US$180 million acquisition of Allianz Marine and Logistics Services Holding (AMLS) and its subsidiaries and associated companies, repay existing indebtedness, complete notes restructuring and for general corporate and working capital purposes, said the company.
AMLS is an Abu Dhabi-headquartered holding company incorporated in the United Arab Emirates of some 22 subsidiaries and associated companies. It is in the business of integrated offshore logistics solutions and supply-based operations to the offshore oil and gas and construction sectors, with operations covering the Gulf Cooperation Council region, India and Egypt.
Due to the new developments, the Singapore High Court has granted an extension of the existing moratoria to Sept 5. The group plans to seek further extension of the moratoria and obtain approval in a consent solicitation exercise to extend the final maturity date of its $100 million 4.3 per cent notes due this year.
The founding Lim family's voluntary conditional cash offer for steel trader Hupsteel has received valid acceptances representing 90.013 per cent in the mainboard-listed firm as at 5pm on Wednesday, Hupsteel announced in a regulatory filing that night.
This has taken it over the minimum 90 per cent needed to succeed, and the offer has accordingly become unconditional.
This comes after the offer was extended from its original closing date of Aug 16 to Aug 30. Upon an offer becoming unconditional, it must remain open for acceptance for not less than 14 days after the date on which it would otherwise have closed. The closing date of the offer has thus been extended from Aug 30 to Sept 13.
The Lim family launched the offer at $1.20 per share in June to delist Hupsteel. The offer price represented a premium of 51.9 per cent over the last transacted price per share of 79 cents on June 27, the last full market day immediately prior to the offer announcement.