Rickmers Maritime Trust (RMT) has improved its offer to holders of a SGD 100m ($74m) bond due to mature in May 2017 following protests from investors last week.
It intends to amend the bonds with a partial redemption of SGD 60m of the principal in exchange for 60% of the enlarged units of the trust.
This will reduce the outstanding principal amount under the bonds to an aggregate of SGD 40m repayable in November 2023.
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