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Ezion restructures debt in struggle to survive

The Edge Singapore
The Edge Singapore10/9/2017 8:0 AM GMT+08  • 5 min read
Ezion restructures debt in struggle to survive
(Oct 9): Analysts once thought that if any of the small- and mid-sized offshore and marine companies would avoid financial trouble, it would be Ezion Holdings. Now, the company is asking holders of its bonds and perpetual securities for permission to chan
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(Oct 9): Analysts once thought that if any of the small- and mid-sized offshore and marine companies would avoid financial trouble, it would be Ezion Holdings. Now, the company is asking holders of its bonds and perpetual securities for permission to change the terms of its obligations in order to stay afloat.

Investors holding five tranches of $475 million worth of bonds with coupons ranging from 4.6% to 5.1% that mature between 2018 and 2021 are being offered two choices.

The first is to extend the maturity of their bonds by seven years and reduce the coupon to 0.25%, and eventually get the bonds fully redeemed at a 5% premium.

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