The offshore vessels builder announced to the Singapore Exchange (SGX) that almost all the noteholders have agreed to the maturity extension over a total of SGD150m ($105.3m) notes issued pursuant to a SGD500m multicurrency debt issuance programme.
For the SGD100m 4.75% notes due in March 2017, holders of the notes representing SGD96.25m in principal amount submitted their votes with 98.7% of the votes cast in favour of extending the maturity date.
For the other SGD50m 5.35% notes due in October 2018, the holders representing SGD48m in principal amount all voted in favour of extending the maturity date.
“The board of directors of the company would like to convey its sincere appreciation to the noteholders, shareholders, financial institutions and business partners for their support,” ASL Marine stated.
The call for support from ASL Marine came amid difficult operating conditions in the offshore market marked by the decline in charter rates and demand.
ASL Marine revealed earlier that its fleet utilisation rate fell to 57% as at 30 September 2016 and there have been no new orders for its shipbuilding division since May 2016, as well as a lack of ship repair and conversion jobs.
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