The liftboat owner said in a press release that DBS, OCBC, UOB, MayBank, CIMB and Caterpillar Financial have signed binding term sheets with Ezion for a refinancing package of approximately $1.5bn, which include minimal fixed principal repayments over the next six years and decreased interest rates for these loan facilities as well as an aggregate of up to $118m in additional revolving credit facilities.
In a firm show of support, Ezion ceo Chew Thiam Keng and his family have also offered 100m of their personal shares to cement support from secured lenders for the refinancing and the additional revolving credit facilities of up to $118m, the company said.
Ezion said the extensive refinancing and restructuring package will strengthen its cash flow and provide additional working capital to the group.
This agreement completes a massive refinancing exercise to help see the beleaguered firm through the ongoing offshore industry downturn.
Ezion in November received approval for a refinancing proposal from the security holders of its six series of bonds and securities amounting to SGD575m ($432.9m).
Ezion chairman Wang Kai Yuen expressed his thanks for “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,” he concluded.
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