Catena Media plc announces its intention to launch a voluntary tender offer for its existing hybrid capital securities
Catena Media plc announces its intention to launch a voluntary tender offer for its existing hybrid capital securities
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Catena Media plc (the “company”) hereby announces that it intends to launch a voluntary tender offer in the near future in respect of its existing hybrid capital securities, ISIN SE0014262192 (the “capital securities”).
The company intends to offer the holders of the capital securities the opportunity to participate in a tender offer pursuant to which the company will repurchase capital securities for cash (the “tender offer”) at a price of 20.00 percent of the nominal amount of the capital securities, i.e. SEK 20 for every SEK 100 of nominal value (no capitalised interest or accrued but unpaid interest on the capital securities will be paid by the company in connection with the tender offer).
Full details regarding the tender offer, including the relevant documentation and the period during which holders may participate, as well as instructions on how holders can participate, will be announced by the company in a separate press release in connection with the formal launch of the tender offer.
The tender offer forms part of the company’s broader strategy of prioritising cash flow reinvestment into growth while managing its capital structure responsibly. Recognising the lack of secondary market liquidity for the capital securities, and upon numerous enquiries from investors seeking a mechanism to divest their positions, the company has resolved to offer to the holders this voluntary mechanism for them to realise value rather than continuing to hold an instrument with no maturity date and no fixed payment obligation. The tender offer is intended to provide holders who wish to exit their position with an immediate liquidity option on a voluntary basis. Holders are advised that the company has no plans to redeem or to resume interest payments on the capital securities for the foreseeable future.
The company has mandated ABG Sundal Collier AB to act as dealer manager for the tender offer. Gernandt & Danielsson Advokatbyrå KB is acting as legal advisor.