Press Statement: SIAS Facilitates Dialogue with Pacific Radiance Noteholders

Date: February 18, 2018

SIAS is aware of reports in media reports regarding the upcoming Consent Solicitation Exercise (CSE) by Pacific Radiance pertaining to the S$100 million 4.3% notes due 2018 and the concerns raised. SIAS is of the view that noteholders need to make informed decisions with respect to their note-holdings and understand the situation facing the company in the current O&G crisis.

In the CSE, noteholders are asked to vote on two resolutions; resolution one is a proposal for a debt to equity swap where noteholders will get 19 shares for every S$5 held. Resolution two is to waive potential events of default and covenants that may be breached so that monies in the escrow account can be used to make coupon payment due in March 2018.

While many noteholders did not expect to be in the current predicament, nevertheless, it is imperative that noteholders understand the impact of their decisions on that company and stakeholders while it negotiates with the major creditors. To assist noteholders to make informed decisions SIAS is holding an Informal Meeting for noteholders of Pacific Radiance on Friday 23rd February at 10am. Noteholders are requested to register their interest at SIAS at with their full name, NRIC/passport number, the aggregate value of the Notes held (if through nominees, please identify nominee), and contact particulars, by 4:00 p.m. on 22 February 2018. SIAS will then provide these Noteholders with the details as to the location of the Informal Meeting. Any Noteholders who have any questions or require further assistance with respect to the Informal Meeting should contact SIAS at

David Gerald
President & CEO
Securities Investors Association (Singapore)