SINGAPORE (Feb 7): Offshore & marine group Ezion Holdings says it has secured refinancing totaling to approximately US$1.5 billion ($2 billion) from its six secured lenders, namely: DBS, OCBC, UOB, Maybank, CIMB and Caterpillar Financial.

Group CEO Chew Thiam Keng and his family members have also offered 100 million of their personal shares in total to cement support from the secured lenders.

The refinancing package includes an aggregate of up to US$118 million in additional revolving credit facilities, as well as minimal fixed principal repayments over the next six years and decreased interest rates for the facilities.

In a Wednesday aftermarket filing, Ezion says the latest agreement, which takes place after receiving “overwhelming support” from its security holders and bondholders in a consent solicitation, represents the last leg of its refinancing and restructuring exercise.  

The company believes the package will strengthen its cash flow and provide additional working capital to the group.

See: Ezion unitholders vote overwhelmingly in support of refinancing $575 mil of notes and perpetuals

An EGM will be convened in March next month to obtain shareholder approval for the new bonds, shares and warrants to be issued under the refinancing exercise.

The group says it will also apply to the Singapore Exchange (SGX) to lift the suspension of its trading of its shares upon approval and completion of its refinancing and restructuring exercise.

“Ezion is grateful to the secured lenders and all our stakeholders for their strong support for the group’s complex refinancing and restructuring exercise. So many parties, including management and staff, have worked tirelessly together with one common purpose. I look forward to their continuing support as Ezion navigate out of this sectorial storm into calmer waters,” comments Wang Kai Yuen, Ezion’s chairman.