Singapore liftboat specialist Ezion Holdings has secured a $1.5bn refinancing package with its six secured lenders.
DBS, OCBC, UOB, MayBank, CIMB and Caterpillar Financial have all signed binding term sheets with Ezion to seal the package, which include minimal fixed principal repayments over the next six years and decreased interest rates as well as $118m in additional revolving credit facilities.
Chew Thiam Keng, Ezion CEO, and his family have offered 100 million of their personal shares as part of the deal.
Dr Wang Kai Yuen, chairman of Ezion, commented: “Ezion is grateful to the secured lenders and all our stakeholders for their 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.
“We are also most appreciative of the contribution of the 100 million shares from Thiam Keng and his family which attests to his deep commitment to Ezion.”
Ezion said the refinancing and restructuring package will strengthen cash flow and provide additional working capital to the group and it will now seek approval from shareholders.