Under pressure Singapore OSV owner Pacific Radiance has won some important breathing space from creditors. The firm has announced it has refinanced term loans and renewed revolving credit facilities with key lenders totalling approximately $185m. This support from bankers is estimated to reduce the group’s term loan principal repayment by approximately $103m through to 2019.
With the support of the group’s key lenders, the profile of the term loans has been refinanced to twelve years from an average of seven years previously, and the maturity have largely been extended from 2019 to 2021.
Pang Yoke Min, the executive chairman of Pacific Radiance, said: “The new arrangements represent a clear vote of confidence from our key financial partners – not just in our financial standing but also in our strategic plans for the future. The timely extension of our long-term financial arrangements has secured us a stronger footing to weather this gruelling industry downturn as we await the sector recovery.”