The board of directors of Pacific Radiance Ltd. announced that PT Logindo Samudramakmur TBK has entered into a facility agreement and other related agreements to restructure its existing secured loan facilities with certain financiers (the "New Lenders") into new loans with principal amount of USD 95,239,135 (the "Restructured Loans"). PRL and its wholly-owned subsidiaries, Alstonia Offshore Pte. Ltd. and Pacific Offshore Pte.

Ltd., have entered into the Agreements as guarantors and chargors (in the case of ALO and PCO) for the Restructured Loans. Under the terms of the Restructured Loans, PRL, ALO and PCO have provided a joint and several guarantee for up to USD 5,000,000 (the "Guarantee"), and each of ALO and PCO has provided security over the respective shares it holds in PCO and the Borrower to the New Lenders. The shares subject to the Share Charges have been fully impaired and have nil net book value as at 31 December 2023 in the Company's financial statements.

The New Lenders and PRL have agreed to negotiate the transfer by the New Lenders of a portion of the Restructured Loans in the amount of USD 14,036,234 to PRL based on certain terms and conditions specified under the relevant Agreements. The Guarantee is part of the security for the payment obligations of the Borrower, and the performance of associated obligations under the Facility Agreement. The terms of the Restructured Loans also contain a restriction on the change in key management of the Company, a breach of which will result in the Guarantee being called on.