KrisEnergy S$469.5 million financial restructuring

Overview:

• KrisEnergy has completed its S$469.5 million financial restructuring.
• The restructuring package consists of three components: a mandatory exchange of KrisEnergy's S$130 million and S$200 million senior unsecured notes for S$130 million and S$200 million new senior unsecured notes with accrued interest, both listed on the Singapore Stock Exchange; and a S$139.5 million non-renounceable non-underwritten preferential offering of senior zero coupon notes with free detachable warrants, also listed on the Singapore Stock Exchange.
• Each warrant carries the right to subscribe for one new share in the capital of the company for par value $0.00125.
• KrisEnergy has also transferred its revolving credit facility to DBS Bank from HSBC.
• DBS Bank is the lead manager for the preferential offering.

Wai Yee Tsang - Journalist