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Ezion wins vote to refinance S$575m of notes, perpetuals

This complex exercise unlocks a US$100 million working capital line for the cash-strapped O&M group

Singapore

IN a landslide vote, holders of six series of notes and perpetuals granted Ezion Holdings the green light for the proposed refinancing of some S$575 million of securities, extending the group extra runway to tide over what could be the last leg of a multi-year offshore and marine downturn.

Ezion disclosed after trading closed on Monday that between 93.5 per cent and 98.82 per cent of holders of Series 3 to 7 notes and Series 8 perpetuals present at an earlier consent solicitation exercise (CSE) voted in favour of its proposal to push out maturity of these securities and cut coupon rates on them.

Monday's CSE also saw holders of between 83.33 per cent and 96.14 per cent of the principal...

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