Ezion wins US$1.5b refinancing package from 6 secured lenders

Singapore

OFFSHORE and marine group Ezion Holdings has secured a US$1.5 billion lifeline from its six secured lenders, crossing another milestone in its months-long debt restructuring exercise.

The liftboat-focused company on Wednesday announced it has signed binding term sheets with DBS, OCBC, UOB, Maybank, CIMB and Caterpillar Financial for the refinancing package, which will stretch out over the next six years.

This includes minimal fixed principal repayments, a significant reduction in interest rates for the loan facilities, as well as up to US$118 million in additional revolving credit facilities, it said in a bourse filing.

The secured lenders, in turn, will receive a total of 100 million Ezion shares from the group's chief executive Chew Thiam Keng and his family. This is about half the shares held by Mr Chew and his fami…