Ezion sells S$120m notes at 3.65%
Innovative structure working like a bank guarantee helps the company reduce the interest rate on the bonds
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OFFSHORE oil and gas provider Ezion Holdings has sold S$120 million five-year bonds at 3.65 per cent, with the notes backed by an innovative structure which works like a guarantee from DBS Bank.
Orders for the issue on Wednesday came to an amazing S$1.5 billion - or 12.5 times for what many would see as risky since the slump in oil prices has made oil and gas offshore providers an uncertain bet. But DBS's support for Ezion's committed funding backed notes has seemingly defanged the risk.
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