Ezion to redeem S$120m DBS-backed notes

Singapore

EZION Holdings is set to fully redeem its S$120 million 3.65 per cent notes backed by DBS Bank, according to bondholders. A number of them told The Business Times they received letters on the early redemption from their respective private banks on Thursday. The notices did not state any reason behind the move.

BT understands that the early redemption of the notes - due in 2020 - will be carried out on Monday, the same day Ezion is due to make a coupon payment, as it did not prefund the coupon payment earlier this week. According to the notes indenture, DBS will redeem the notes at their principal amount on the interest payment date if Ezion does not set aside money for a coupon payment.