Ezra to raise S$150m from perpetual securities

The issuance is the second offering under Ezra’s US$500 million Multicurrency Debt Issuance Programme.

Ezra Holdings Limited announced that it has launched and priced its first Singapore dollar denominated Subordinated Perpetual Securities to raise S$150 million.

The securities will bear an initial fixed distribution rate of 8.75% per annum for the first three years. The distribution rate will be subject to reset every three years and includes a one-time step-up from and including the first reset date, 18 September 2015.

Additionally, Ezra may choose to redeem in whole the securities on or after the third anniversary of the issuance.

DBS Bank Ltd. and The Hongkong and Shanghai Banking Corporation Limited are the appointed dealers for the securities.

Ezra said the issuance of the securities was well received and the order book was multiple times oversubscribed with participation from more than 50 investors. A substantial portion of the issue was allocated to private banks, with sizable interest from institutional investors and asset managers.