Ezra adds to war chest

SEPTEMBER 18, 2012 — Singapore based offshore contractor Ezra Holdings Limited has added to its war chest, positioning itself to pursue new opportunities in the subsea and offshore services sector. It reports that it has today issued S$150 million [about US$123 million] in aggregate principal amount of 8.75 per cent. Fixed Rate Subordinated Perpetual Securities (the Securities) to institutional and/or sophisticated investors. The Securities have no fixed maturity or redemption dates, and were issued under the US$500,000,000 Multicurrency Debt Issuance Program established by the company on August 28). DBS Bank Ltd. and The Hongkong and Shanghai Banking Corporation Limited have been appointed as dealers of the Securities.

Ezra says that its recent benchmark S$200 million, 5 percent 3-year fixed rate notes issued on September 7 also received strong interest from investors. The net proceeds of both issues will be used to refinance the group’s existing borrowings, as well as for general working capital and general corporate purposes.

Ezra’s Managing Director, Mr. Lionel Lee, said: “The strong appetite for our notes and securities in support of our efforts to strengthen our balance sheet reflects investor confidence in Ezra and our future.

“By diversifying our sources of funding and extending our debt maturity profile, it positions the group well ahead of any global uncertainties and allows Ezra to take advantage of the many opportunities we see in subsea construction and offshore support services.”