Perisai served with demand for bond payment
PETALING JAYA: Perisai Petroleum Teknologi Bhd, a Practice Note 17 (PN17) company, has received a notice of demand for the payment of its S$125 million (RM377.5 million) bond, which was due on Oct 3.
Perisai told Bursa Malaysia that it, together with its wholly owned subsidiary Perisai Capital (L) Inc, had received a notice dated Oct 17 from the trustee of the notes notifying them that the redemption amount of the notes together with interest is due.
Perisai said it is seeking legal advice on the notice of demand and will make announcements as and when necessary.
The bond carrying a coupon rate of 6.875% is part of the company’s S$700 million multicurrency medium-term notes programme.
Perisai had sought to extend the maturity date of the bond to Feb 3, 2017 from Oct 3, 2016. It was, however, rejected by its bondholders at a meeting called on the due date.
The default had also resulted in the company slipping into the PN17 status. It has to submit a regularisation plan to the regulator within the next 12 months.
Nonetheless, Perisai, together with its joint venture partner Emas Offshore Ltd (EOL), are in talks to secure US$20 million (RM83.8 million) financing from a financial institution.
As part of the indicative financing package, Perisai was also in talks with EOL to resolve various issues among themselves, including a put option that was granted by EOL to Perisai for Perisai’s 51% shareholding in SJR Marine (L) Ltd.
Perisai and EOL are joint-venture partners in Emas Victoria (L) Bhd and SJR.
Perisai shares were down one sen to close at 6.5 sen yesterday, with some 9.54 million shares changing hands.