Ezion Holdings, a provider of offshore marine logistics services, on Monday offered bondholders protection in case its refinancing does not go as planned.
Under a proposed amendment to the original plan, the coupon, interest payment dates and form of payment for S$425 million of notes due between 2018 and 2020 will go back to their original terms if conditions for Ezion's proposed refinancing are not met by March 31, 2018, the company said in a regulatory filing.
Ezion will also be required to redeem those bonds within 30 days of the refinancing winning approval from bondholders.
The company offered conversion options and bonus warrants for holders of the notes and perpetuals that will swap out the liabilities for equity at about 27.63 Singapore cents per share.
Holders who convert within 60 days after the issue date can convert at a price of 24.87 Singapore cents per share, which represents a 10 percent discount to the minimum conversion price.
If a holder exercises the conversion Rights on or prior to the date that is 60 days after the issue date, the issuer shall also issue to such holder 50,000 Warrants for every S$50,000 principal amount of Refinancing Series B Convertible Bonds, the company said.
Bond and perpetual holders will vote on the proposal on November 20.
Ezion has requested for a trading halt on its shares, which last traded at S$0.197. The company has a market capitalization of about S$408 million.