Otto Marine issues S$70 million 7% fixed rate notes due 2016
Further to its announcement dated 24 July 2014, the board of directors of Otto Marine Limited (the “Company”) wishes to announce that Otto Marine Services Pte. Ltd. (the "Issuer"), a wholly-owned subsidiary of the Company, has today issued S$70,000,000 7% Fixed Rate Notes due 2016 (the "Series 002 Notes") under its S$500,000,000 Medium Term Note Programme established by the Issuer on 13 April 2010 (the "MTN Programme"), the Company said in its press release.
BNP PARIBAS, DBS Bank Ltd., and Oversea-Chinese Banking Corporation Limited acted as the joint lead managers and bookrunners in relation to the Series 002 Notes.
Pursuant to Condition 5(b)(ii) of the Series 002 Notes, a “Change of Control Event” will occur when Mr. Yaw Chee Siew ceases to own in aggregate (whether directly or indirectly) at least 30 per cent. of the issued share capital of the Company. Upon the occurrence of a “Change of Control Event”, each holder of the Series 002 Notes will have an option to require the Issuer to redeem the Series 002
Notes of such holder (subject to the terms and conditions of the Series 002 Notes).
Approval in-principle has been received from the Singapore Exchange Securities Trading Limited ("SGX-ST") for the listing and quotation of the Series 002 Notes on the SGX-ST. The SGX-ST assumes no responsibility for the correctness of any of the statements made or opinions expressed or reports contained in the Issuer’s Information Memorandum dated 21 July 2014.
The approval in-principal form , and the admission to the Official List of, the SGX-ST and the quotation of the Series 002 Notes on the SGX-ST are not to be taken as an indication of the merits of the Issuer, the Company, their respective subsidiaries or associated companies (if any), the MTN Programme or the Series 002 Notes.
The Series 002 Notes are expected to be admitted to the Official List of the SGX-ST with effect from 9.00 a.m. on 4 August 2014. Terms defined in the Issuer’s Information Memorandum dated 21 July 2014 in relation to the MTN Programme shall have the same meaning in this announcement unless otherwise defined herein.
Otto Marine Limited is an offshore marine group specialising in the subsea and deep sea segment. The Group has three distinct business divisions, shipbuilding of specialised offshore support vessels ("OSV"), ship chartering and specialised offshore services operation. The Group specialises in the building of DNV class, Norwegian design, subsea & deep sea special application vessels. Its high tech shipyard is strategically located in Batam, Indonesia which is close to Singapore. The shipyard also has conversion and repair capabilities.
