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Singapore’s Dyna-Mac fails to secure waivers, amendments to 4¼% notes
By Susanna Moon
Chicago, Dec. 4 – Singapore’s Dyna-Mac Holdings Ltd. said it failed to obtain waivers and amendments to its S$50 million 4¼% notes due 2017 at the meeting for bondholders in Singapore.
The extraordinary resolution tabled at the meeting on Dec. 4 has not been passed, according to a company notice. The consent solicitation was announced on Nov. 12.
In addition to the waivers, Dyna-Mac was asking for noteholder approval to amend the financial covenants, as follows:
• The consolidated tangible net worth must be at least S$120 million, instead of S$175 million as currently provided;
• The ratio of consolidated EBITDA to consolidated interest expense must be at least 3 times;
• The interest coverage ratio for the test period ending on Sept. 30, 2016 will not be less than 1 times; and
• There will be standing to the credit of the interest service reserve account at least S$2,142,465.76 at the time of the request of the withdrawal of the amounts standing to the credit of the interest service reserve account.
The company said that amounts standing to the credit of the interest service reserve account may be applied toward the payment of amounts due on the notes at maturity or on the date of the notes becoming due and payable.
Also, the definition of test period would be deleted and changed to mean each period of 12 months on a rolling 12-month basis ending on the last day of each financial quarter of the group.
Oversea-Chinese Banking Corp. Ltd. (65 6530 6353) is the solicitation agent. Deutsche Bank AG, Singapore Branch (65 6423 5982 / 4091 / 8232) is the principal paying agent.
Dyna-Mac is a Singapore-based investment holding company that is engaged in the fabrication and assembly of topside modules for floating, production, storage and offloading vessels and for floating, storage and offloading vessels.
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