Singapore's Ezion gets tenders, consents for S$91 million of 5¼% notes

By Marisa Wong

Madison, Wis., May 30 - Ezion Holdings Ltd. said that holders had tendered for purchase S$91 million of its S$100 million 5¼% notes due 2015 as of 5 a.m. ET on May 29, the early consent deadline of its previously announced tender offer.

Holders who tendered their notes by the early consent deadline also voted in favor of a measure 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. Votes representing S$91 million principal amount of the notes will be voted in favor of the resolution.

Holders who tendered their notes and delivered their consents by the early consent date will receive an early consent fee of 0.25% of par. Those who consent after the early deadline will receive 0.1% of par.

The consent fee was conditioned on the noteholders approving the proposal and a supplemental trust deed including the call option, as previously announced.

The voting period ends at 10 p.m. ET on June 9.

In order to form quorum at the June 12 meeting, 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.

Settlement of tendered notes accepted for purchase is expected to occur on June 18.

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. The tender offer began on May 19.

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