Ezra offering fee for bondholders' consent
EZRA Holdings is seeking bondholders' consent to amend the terms of $150 million in principal amount of 4.875 per cent notes due 2018 - to avoid any potential covenant breaches or default.
The oil and gas contractor is offering a consent fee of 0.1 per cent for noteholders who accept their proposal on or before Nov 2.
Those who accept the proposal after the early-consent deadline will receive a consent fee of 0.05 per cent.
An extraordinary general meeting for bondholders will take place on Nov 9.
Ezra said the consent solicitation is necessary to avoid any non-compliance with the terms of the notes as it explores options to address its various financial obligations and strengthen its financial position.
THE BUSINESS TIMES