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, IFR, a Thomson Reuters unit, reported.

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.

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