The agreement contains a condition in which a mandatory default prepayment shall occur if Thoresen Thai Agencies holds less than 52% of the total issued share capital of Mermaid Maritime.
Mermaid Maritime (SGX:DU4
) has announced that its wholly-owned subsidiary Mermaid Subsea Oil and Gas Services DMCEST has entered into a loan facility agreement of up to US$10 million ($13.2 million) with SinoPac Capital International (HK) on Dec 26.
The proceeds from the loan facility will be towards the reimbursement of the company’s equity used for the acquisition of its vessel “Mermaid Sapphire”.
