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
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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.
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