By Marisa Wong
Madison, Wis., Sept. 18 - Ezra Holdings Ltd. announced it issued S$150 million of fixed-rate subordinated perpetual securities on Tuesday.
The perpetual securities bear an initial fixed distribution rate of 8¾% per year that will be reset every three years. There is a one-time step-up option from and including the first reset date, Sept. 18, 2015, which is when the securities are also callable.
The new securities were issued under the company's $500 million multicurrency debt issuance program established on Aug. 28. The company recently sold S$200 million of 5% three-year notes under the program.
DBS Bank Ltd. and HSBC Ltd. are the dealers for the securities, which were oversubscribed with participation from more than 50 investors, according to a press release.
Proceeds will be used for refinancing existing debt and for general working capital and corporate purposes.
The new notes are expected to be listed on the Singapore Exchange Securities Trading Ltd. on Wednesday.
Ezra is a Singapore-based provider of offshore support for the oil and gas industry.
| Issuer: | Ezra Holdings Ltd.
|
| Issue: | Fixed-rate subordinated perpetual securities
|
| Amount: | S$150 million
|
| Maturity: | Perpetual
|
| Distribution: | 8¾%, subject to reset every three years; one-time step-up option beginning Sept. 18, 2015; payable semiannually
|
| Call option: | In whole after three years
|
| Bookrunners: | DBS Bank Ltd. and HSBC Ltd.
|
| Settlement date: | Sept. 18
|
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