bond new issue ezion holdings

Singapore Corporate Bond New Issue: Ezion Holdings Limited SGD Subordinated Perp-NC-4Y

Issuer: Ezion Holdings Limited
Issue: SGD Subordinated Perpetual Securities
Ratings: Unrated
Format: Registered form, Regulation S only and S274/275 of SFA, issuance off S$1.5 billion Multicurrency Debt Issuance Programme
Issue Size: S$150MM
Price: 7% (the number)
Tenor: Perpetual NC4
Settlement Date: [●] 2014
Ranking: Subordinated; Senior only to Issuer’s ordinary shares
Call Option: [●] 2018 & at every distribution date thereafter at par; Redemption may be in whole or in part (on a pro-rata basis)
Distribution: Fixed. Reset in Year 4 based on prevailing SGD 4Y SOR & every 4 years thereafter
Step up: 300bps from Year 4 onwards
Distribution Payment: Act/365 days (fixed), payable semi-annually in arrear
Distribution Deferral: At issuer’s discretion. Any deferred distributions are cumulative and on a compounding basis
Dividend Pusher: Yes, with 12 month look back period
Dividend Stopper: Yes
Other Redemption: At par …