Pacific Radiance fixes financial position

Pacific Radiance fixes financial position

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.”

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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