Otto Marine fully settles S$100m for 3-year unsecured notes

Plus around S$2.5m for final coupon.

Offshore marine company Otto Marine Limited announced that the Group has made full payment in respect of the 3-year unsecured notes at a fixed rate of 4.845% due on 6 May 2013 (Notes) worth a final amount of approximately S$102.5 million. The amount comprised of approximately S$2.5 million for the final coupon and S$100 million being the principal amount of the Notes.

The S$100 million Notes were issued in 2010 under the Group’s S$500 million Multicurrency Medium Term Note Programme (MTN Programme) established on 13 April 2010. Standard Chartered Bank acted as the sole lead manager and bookrunner of the Notes and sole arranger of the MTN Programme. The Notes matured on the 6th of May, 2013.

“The S$100 million notes were the Group’s first and only bond issued and we have been meticulous with our half yearly coupon payments throughout the period of the notes. The funds for the final payment which was due on 6 May 2013 were earmarked and reserved two weeks prior to the due date.

The S$100 million that we raised 3 years ago was very important and crucial for our growth and was very useful for our ship chartering fleet’s expansion. We are proud to say that today we operate more than 60 vessels and own half of the fleet that we are operating."