Oct 19, 2016

    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.