Full Redemption of Seatrium Offshore & Marine S$500,000,000 Floating Rate Bonds
Source: www.gulfoilandgas.com 4/26/2024, Location: Asia
The Board of Directors (the "Board") of Seatrium Limited (the
"Company") refers to the Company’s announcement on 21 August 2023 whereby it announced its entry into a deed of guarantee for the benefit of the holders of the S$500,000,000 floating rate bonds due 2026 (the "Bonds") issued by Seatrium Offshore & Marine Limited (formerly known as Keppel Offshore & Marine Ltd) ("SOM").
The terms of the Bonds include a right on the part of SOM to early redeem the Bonds prior to the scheduled maturity date at its principal amount (together with accrued and unpaid interest).
The Company wishes to announce that SOM has given notice to redeem all the Bonds. The Bonds are expected to be redeemed in full on 27 May 2024 and will be cancelled thereafter.
The early redemption of the Bonds is part of the Company’s proactive capital management efforts to optimize its borrowing cost and debt profile. The Company believes that such redemption will have no material adverse effect on its financial position or business operations.
