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Ezra’s oversubcribed rights issue raises $150m

Ezra’s oversubcribed rights issue raises $150m
Ezra Holdings has completed its offering of rights issue, with the offering oversubscribed and raising approximately SGD200m ($150m).

The proceeds from the issue of the rights, which saw a subscription ratio of 1.3x, will be primarily used to repay upcoming fixed rate notes due September 2015.

Ezra, an offshore and subsea services provider, said the equity raised will strengthen the balance sheet of the group and reduce its net gearing level.

“In addition, the group remains focused on other initiatives to call the SGD150m perpetual securities in September 2015. The group’s key relationship banks have also obtained in-principle approval for additional financing lines to support the upcoming refinancing activities, in addition to its primary options,” Singapore-listed Ezra said.

Credit Suisse (Singapore) is the sole financial advisor, sole global coordinator and lead manager of the rights issue. Together with DBS Bank, they also served as joint underwriters.