New York, Oct. 21 - Ezra Holdings Ltd. priced $100 million of five-year convertible bonds to yield 4% with a 19.6% initial conversion premium.
DBS Bank Ltd. was bookrunner for the Regulation S sale.
The conversion price is S$2.50.
The bonds are callable from Nov. 26, 2012 subject to a 130% stock price hurdle and are putable on Nov. 26, 2012 at par.
Ezra Holdings will use at least 50% of the proceeds for new business ventures and/or opportunities, strategic investments, joint ventures, other acquisitions and/or strategic alliances and the remainder for capital expenditure and/or acquisition of vessels.
Ezra is a provider of offshore support for the oil and gas industry and is headquartered in Singapore.
| Issuer: | Ezra Holdings Ltd.
|
| Issue: | Convertible bonds
|
| Amount: | $100 million
|
| Maturity: | Nov. 26, 2014
|
| Coupon: | 4%
|
| Price: | Par
|
| Yield: | 4%
|
| Initial conversion premium: | 19.6%
|
| Conversion price: | S$2.50
|
| Call: | Nov. 26, 2012 onwards at par subject to 130% hurdle
|
| Put: | Nov. 26, 2012 at par
|
| Bookrunner: | DBS Bank Ltd.
|
| Pricing date: | Oct. 22
|
| Settlement: | Nov. 26
|
| Distribution: | Regulation S
|
| Reference stock price: | S$2.09 at close Oct. 21
|
| Market capitalization: | S$1.36 billion
|
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