Singapore's Ezion tenders for 5¼% notes, seeks to insert call option

By Susanna Moon

Chicago, May 19 - Ezion Holdings Ltd. said it began a tender offer for its S$100 million 5¼% notes due 2015.

The company also is seeking noteholder approval to amend the notes to include a call option at par plus accrued interest, according to a company notice.

A noteholder meeting will be held in Singapore on June 12.

If the measure passes, the company said it may redeem some or all of the notes.

Noteholders who vote for the measure by 5 a.m. ET on May 29, the early consent date, will receive an early consent fee of 0.25% of par, according to a separate company notice.

Those who consent after the early deadline will receive 0.1% of par. The voting period ends at 10 p.m. ET on June 9.

The consent fee is conditioned on the noteholders passing the measure approving the proposal and the supplemental trust deed including the call option.

In order to form quorum, at least two people must be present representing in the aggregate 75% or more of the nominal amount of the notes outstanding.

The extraordinary resolution proposed at the meeting needs to be passed by a majority consisting of not less than three-fourths of the people voting.

The dealer manager is DBS Bank Ltd. (+65 6222 4261, email liabilitymanagement@dbs.com). The tender agent is Deutsche Bank AG, Singapore Branch (+65 6423 5970 / 8232 / 5982 / 4091, email agent-ezion@list.db.com)

Singapore-based Ezion specializes in marine logistics and support for the offshore oil and gas industries.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.