Wed, Jul 01, 2020 - 9:22 AM DEBT-LADEN KrisEnergy on Tuesday night said DBS Bank has agreed to extend the maturity of its revolving credit facil
Wed, Jul 01, 2020 – 9:22 AM
DEBT-LADEN KrisEnergy on Tuesday night said DBS Bank has agreed to extend the maturity of its revolving credit facility (RCF) again, this time by six months to Dec 31, 2020.
DBS is the sole arranger of the facility, while Keppel Corp holds an indirect interest and the key economic risk in the facility through a bilateral contract with the bank.
In conjunction with the RCF’s new maturity date, Keppel on Tuesday also entered into an agreement with DBS to extend the term of their bilateral contract for the same period.
This is to “facilitate a consensual restructuring and to support KrisEnergy’s management whilst they discuss and obtain feedback from stakeholders on its debt restructuring plan”, Keppel said in a separate filing.
The conglomerate reiterated that it reserves the right to evaluate the upstream oil and gas company’s debt restructuring plan, and to approve or reject the plan as Keppel deems fit in its best interests.
About US$177.3 million in outstanding principal is owed under the DBS RCF as at Tuesday, according to…