Sea Trucks will use the net proceeds of the offering in part to finance a portion of its capital expenditure program and for general corporate purposes.
The proceeds will be used to expand Sea Trucks’ fleet from four operational multi-segment DP3 vessels to seven.
The company said that three DP3 vessels are currently under construction for delivery over the next two years.
The bonds have been offered to institutional investors only and application has been made for the admission of the bonds to the official list of the Singapore Stock Exchange.
In the event of a Qualified Public Offering (QPO), the Bonds will, subject to bondholders electing to take cash, be automatically converted into QPO shares, according to the company.
