Ezra shareholders approve rights and convertible bonds issues

SINGAPORE - Shareholders of offshore contractor Ezra Holdings' have approved of its plans to raise up to US$300 million (S$400.08 million) through a rights issue and the issue of convertible bonds to repay existing debt.

The group expects to raise US$150 million from the rights issue and S$200 million from the convertible bonds issue, the company said in a release.

Gross proceeds from both will be used mainly to repay its S$225 million fixed rate notes due in September this year, and its S$150 million perpetual securities, also callable in September.

Ezra's shares closed three Singapore cents lower at 26.5 Singapore cents on Tuesday, before the announcement.