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Prenumeration
Beskrivning
| Land | Sverige |
|---|---|
| Lista | Small Cap Stockholm |
| Sektor | Fastigheter |
| Industri | Projektering |
Magnolia Bostad AB (publ) (the “Company” or “Magnolia Bostad”) announces that the Company today has initiated a written procedure (the “Written Procedure”) under its outstanding bond loan 2020/2024 with ISIN SE0014956454 (the “Bonds”) to request the bondholders’ consent to make certain amendments of the terms and conditions for the Bonds. The proposal set out in the Written Procedure entails, inter alia, amendments to the call premium trajectory and an extension of the tenor of the Bonds to 2 March 2025, as further set out in the notice of Written Procedure.
Following the implementation of the Company’s strategic initiatives to tackle the market downturn, the Company is in discussions to raise additional capital in an amount exceeding SEK 1 billion in order to reorganise its existing financings, including the Bonds, into a long-term capital structure. Discussions regarding the capital raise are at an advanced stage, although it is still not possible to fully predict the outcome. To permit these discussions to continue, the Company requires an extension of the Bonds’ maturity (which is currently 2 December 2024).
Magnolia Bostad has today instructed Nordic Trustee & Agency AB (publ) (the “Agent”), in its capacity as agent under the Bonds, to send a notice of Written Procedure including voting instructions to the direct registered owners and registered authorised nominees of the Bonds in the Company’s debt ledger held with Euroclear Sweden as per 8 November 2024. The notice of Written Procedure is available on the Company’s and the Agent’s respective websites.
The proposal, including the maturity extension, set out in the Written Procedure is supported by certain larger bondholders. Furthermore, provided that the Written Procedure is approved by a requisite majority of the voting bondholders, the Company will pay a consent fee amounting to one (1) per cent. of the outstanding nominal amount of the Bonds to all bondholders (who are bondholders as per the relevant record date for such payment) on a pro rata basis, as further described in the notice of Written Procedure.
The outcome of the Written Procedure will be announced by way of press release in connection with the expiration of the Written Procedure. The record date for voting in the Written Procedure is 18 November 2024 and the last day for voting in the Written Procedure is 28 November 2024. The Written Procedure may be concluded prior to the last day for voting if a requisite majority has been obtained.
Pareto Securities AB acts as financial advisor and Gernandt & Danielsson Advokatbyrå acts as legal advisor in relation to the Written Procedure.
For questions relating to the proposals in the Written Procedure, please contact the Company.
For questions regarding the administration of the Written Procedure, documentation and voting procedure, please contact the Agent at voting.sweden@nordictrustee.com or on +46 8 783 79 00.