SGD New Issue Alert : Ezion SGD 5Y
Issuer: Ezion Holdings Limited
Status: Direct, unconditional, unsubordinated and unsecured Notes
Format: Reg S, S274 & 275 of Singapore SFA
Tenure: 5 Years
Issue Size: TBD
Payment: Semi-annual, actual/365 (fixed)
Details: SGD250K/Multicurrency Debt Issuance Programme/Singapore Law/CDP
– New Ezion SGD 5yrs announced on the back of strong reverse interests
– Initial price guidance at 4.6% area
– Timing: This week’s business, as early as today
EZISP 4.7 2019 4.77%
ASLSP 4.75 2017 4.64% (market cap: around S$300mio)
EZRASP 4.875 2018 5.48% (market cap: around S$850mio)
– Ezion, listed on the SGX under ticker “EZI SP”, has a market cap of S$2.293 bn (as of 7 Aug 2013) and provides support services to the offshore oil and gas industry
– Ezion’s total value of secured contracts is approximately US$3bn to-date
– Ezion continues to deliver strong financial results with 1HFY2013’s revenue up by 80.2% to US$122M and net profit almost doubled to US$82M
I was wondering why Ezion has to pay more than Tat Hong, Eu Yan Sang and just slightly less than Oxley ? Against Goodpack, maybe, we have a small case.
I guess their coupon is such because the perps have all taken a massive beating and Tat Hong and gang do not have perps to drag them down.
All I can see is an aggressive expansion spree. Their assets ballooning (200%) along with liabilities (+220%) over the past year. Looks like they are beefing up the working capital war chest. Just have to beware of the liens on the assets.
So now, the executive question : Holding Biosensors at 4.6% or Ezion ?