Singapore Corporate News - 22 Aug 2007

Asia Water taps US$60m via bonds

SGX-LISTED Asia Water Technology has completed a US$60 million financing via a combination of senior secured bonds with detachable warrants and junior secured convertible bonds, according to CLSA Capital Partners, which managed the deal.

The bonds were fully taken up by several leading financial institutions, said CLSA. These include Lucky Six, a wholly owned SPV (special purpose vehicle) of MezzAsia Capital, itself managed by CLSA Mezzanine Management. Other investors are Indopark Holdings, and DBS Nominees, a subsidiary of DBS Bank.

Asia Water provides a range of EPC (engineering, procurement and construction) solutions for water purification and wastewater treatment in both industrial and municipal projects. It also manages tap water and waste water treatment plants.

MezzAsia Capital is one of the first pan-Asian mezzanine funds dedicated to providing mezzanine capital to Asian businesses and financial sponsors, according to CLSA. The Asia Water investment is its third in the last 12 months.