Marco Polo’s bondholders of SGG50m 5.75% fixed rate notes due in 2016 approved a three-year extension of maturity. In exchange bondholders will receive 1.5% increase in the interest rate payable on the notes and were granted a second ranking mortgage over 152,750 sq m of land in Batam, Indonesia – the location of the company’s shipyard.
Of the 88.5%of bondholders present at the meeting 97.18% voted in favour of the resolution.
“We are extremely grateful for the overwhelming support and understanding shown by the noteholders. We are also gratified that noteholders share our confidence in Marco Polo Marine, notwithstanding the challenges in the shipping and offshore marine sectors,” said Sean Lee, ceo of Marco Polo.
“We are cautiously optimistic that the group’s sound fundamentals will enable it to ride the economic storms raging in the sector. There are no significant concerns over the group’s business model, financial fundamentals or long term business viability,” he added.
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