Seatrium Unit to Fully Redeem S$500M Floating-Rate Bonds Early

Seatrium announced on Friday that its subsidiary, Seatrium Offshore & Marine, intends to redeem its S$500 million floating-rate bonds ahead of schedule, along with accrued interest. The bonds, due 2026, will be fully redeemed on May 27 and subsequently cancelled.

This early redemption is part of Seatrium's capital management strategy to optimize its borrowing costs and debt profile. The bonds were initially issued by Seatrium Offshore & Marine, formerly Keppel Offshore & Marine, in February last year to settle outstanding interest payments to Keppel.

DBS acted as the lead manager for the bond issuance. Seatrium, formerly Sembcorp Marine, later guaranteed the payment obligations of its subsidiary under the bonds.