Perisai to Earmark $20 Million for Alternative Bond Proposal

  • Company and JV partner EMAS get indicative financing offer
  • Perisai eyes alternative proposal after investors reject plan

Malaysia’s Perisai Petroleum Teknologi Bhd. will earmark about $20 million out of a financing package it is close to securing and offer it as part of an ”alternative proposal” to investors after failing to reach agreement with them to restructure a bond due Monday.

The sum is part of an ”indicative financing package” the offshore oil rig contractor and its joint venture partner EMAS Offshore Ltd have received from a financial institution, the company said in a filing early Tuesday.

”Part of the amount from the indicative offer would be earmarked towards a mutually acceptable resolution with the company’s noteholders with regards the notes through the availability to the Perisai Group of a sum of approximately $20 million,” Perisai said.

On Monday, Perisai bondholders voted against the company’s proposal to extend the maturity of its S$125 million ($92 million) bond to Feb. 3, 2017.

Perisai Petroleum said it is working with EMAS Offshore ”towards resolving various issues” in order to secure a formal letter of offer from the financial institution. The discussions also include a put option granted by EMAS to Perisai over the latter’s 51 percent stake in their SJR Marine Ltd venture.

EMAS also owns 11.8 percent in Perisai.

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