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Ezra seeks consent to amend terms of S$150m of 4.875% notes due 2018

Tuesday, October 18, 2016 - 08:16
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EZRA Holdings is seeking bondholders' consent to amend the terms of S$150 million in principal amount of 4.875 per cent notes due 2018 to avoid any potential covenant breaches or default.

EZRA Holdings is seeking bondholders' consent to amend the terms of S$150 million in principal amount of 4.875 per cent notes due 2018 to avoid any potential covenant breaches or default.

The oil and gas contractor is offering a consent fee of 0.1 per cent for noteholders who accept their proposal on or before Nov 2, 2016. Those who accept the proposal after the early-consent deadline will receive a consent fee of 0.05 per cent.

An extraordinary general meeting for bondholders will take place on Nov 9.

Ezra said that the consent solicitation is necessary to avoid any non-compliance with the terms of the notes as it explores options to address its various financial obligations and strengthen its financial position.