KrisEnergy says it has extended the maturity date of the revolving credit facility by DBS (DBS RCF) to June 30, 2021.
See: Keppel Corporation says it supports KrisEnergy's restructuring following final proposal on Aug 21
The company, on Dec 30, entered into an amendment agreement with DBS to extend the revolving credit facility by an initial period of six months.
The agreement also provides for the DBS RCF to be further amended and restated upon the successful completion of a financial restructuring of KrisEnergy.
Keppel Corporation holds an indirect interest in the DBS RCF through a bilateral contract between itself and DBS.
In conjunction with the two-stage extension of the maturity date of the DBS RCF to June 30, 2024, Keppel Corporation entered into a further agreement with DBS on Dec 30 to extend the term of the bilateral contract with DBS for the same period.
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The agreement was made to continue Keppel Corporation’s support of KrisEnergy’s efforts to effect a consensual debt restructuring plan and to continue to make liquidity available to KrisEnergy to fund the group’s on-going expenses and thereby, retain the possibility of a successful financial restructuring, it says.
As at Dec 31, about US$185 million ($245.0 million) in outstanding principal is owed by KrisEnergy under the DBS RCF.
As at 9.11am, shares in Keppel Corporation and DBS are trading at $5.39 and $25.16 respectively.
