PR: PIL restructuring and $600m investment completed

Photo: PIL

01/04/2021

Singapore, 31st March 2021 – The Board of Pacific International Lines (“PIL” or the “Company”) is pleased to announce that the Restructuring Effective Day occurred on Tuesday 30th March 2021, with the satisfaction of the Conditions Precedent under the Scheme.

Accordingly, on 30th March 2021,

(a) The US$200m investment by Heliconia Capital Management Pte. Ltd. (“Heliconia”) into the Company (by way of subscription of convertible preference shares into the Company’s holding company) was completed;

(b) The US$200m term loan facility and US$200m revolving credit facility by Heliconia to the Company were executed;

(c) The Company also issued US$128,013,294 in aggregate principal amount of Option A Securities and US$27,498,008 in aggregate principal amount of Option B Securities pursuant to the Scheme.

Mr. S.S. Teo, Executive Chairman, said:
“The completion and successful implementation of our restructuring is a chance for renewal in PIL, and the Company is now well-positioned for sustainable growth. Going forward, we will continue to improve our business operations, deleverage the balance sheet and reinvent ourselves as we adapt to the ever-changing market. On behalf of the Board, I wish to thank Heliconia and our creditors for their firm commitment and their faith in PIL. We are also grateful to our staff, as well as advisors, for their dedication and continued support during the restructuring process.”

The Company will make further announcements when there are material updates as may be necessary or appropriate.

Kindly refer to the Company’s announcement on SGX for more information.

(What’s next? Our previous, comprehensive coverage can be found here.)