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Neptuno approved to reassign charterer loan under 9¾% bonds
New York, May 10 – Neptuno Finance Ltd. received the requested approval from holders to reassign a charterer subordinated loan under its $179,596,266 of outstanding 9¾% senior secured bonds due 2019.
At a meeting on Wednesday in Oslo sufficient bondholders were represented to form a quorum and all votes cast were in favor of the proposal.
As announced on April 25, the company was asking for consents to transfer the claim against Neptuno Offshore Pte. Ltd. under a subordinated loan agreement in the amount of $79,689,852 to Magellan Maritime Ltd.
The request is “with a view to simplifying and cleaning up financial relations between Cotemar SA de CV, the charterer and its business counterparts,” according to a notice by Nordic Trustee ASA.
Amid challenging industry conditions, the issuer said it has maintained compliance with the bond terms but was looking for the proposed change to bolster the charterer’s financial condition as counterparty under the charter contract with Rigco and also to help secure new business and income by allowing it to bid for deals that require lower leverage, the release noted.
The issuer also is asking for holder consents to allow Magellan to further assign the charterer subordinated loan to its Singapore-based parent company Super Marine Pte. Ltd.
Ahead of announcing the solicitation, Neptuno had received the backing of more than two-thirds of the voting bonds, which was the threshold required for approval. In order to form a quorum, at least half of the voting bonds had to be represented at the meeting.
The company issued $207.5 million of the notes in 2014.
Neptuno is a Hong Kong-based company that offers marine services.
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