Pro Kapital Grupp Takes Steps to Amend Bond Terms
AS Pro Kapital Grupp is taking significant action in order to update the terms associated with its senior secured callable fixed rate bonds. This step is being pursued to ensure the bonds are more aligned with current market conditions and business strategies.
Overview of the Current Bond Situation
The company is running a process to garner approval from the holders of its outstanding bonds. Specifically, these bonds, totaling a maximum of EUR 28,500,000 with ISIN SE0013801172, will undergo a formal request to revise their terms and conditions. This move is pivotal as it seeks to adapt to the evolving financial landscape the company is navigating.
Writing Procedure for Bondholder Approval
To facilitate this process, AS Pro Kapital Grupp has enlisted the expertise of Nordic Trustee & Agency AB (publ) as their agent. They have initiated a written procedure to communicate with the direct registered bond owners. This procedure aims to outline the necessary voting instructions and garner the required approvals. The formal notice regarding the written procedure, inclusive of the voting instructions, has been dispatched to the bondholders on record.
Details of the Written Procedure
Pending approval from bondholders is crucial for the company's request. The voting record date is set for February 10, and bondholders will have until February 20 to cast their votes. The outcome of this written procedure will be officially announced through a press release, providing transparency and clarity to all involved stakeholders.
Understanding the Proposed Changes
As detailed in the written procedure notice, AS Pro Kapital Grupp is considering an option that could allow the company to retain its hotel operations in Germany. This could potentially replace a prior decision to divest. The company is proposing to repay the bonds proportionately by reducing the total outstanding amount by EUR 5,000,000 through various financing mechanisms.
Voting Requirements Explained
For the proposed amendments to be enacted, a specific ratio of bondholder participation is required. At least 20% of holders must participate in the voting process, with two-thirds of the responding bondholders needing to consent to the request. This ensures that a majority of stakeholders are engaged and have a say in the future direction of the company.
Legal and Administrative Support
In order to navigate these adjustments smoothly, Gernandt & Danielsson Advokatbyrå has been appointed as the legal advisor. Their role is to guide AS Pro Kapital Grupp through the procedural and regulatory landscape, ensuring compliance and sound governance.
Contact Information for Queries
Bondholders and interested parties with inquiries about the written procedure or need for additional information can reach out to the agent directly via email at voting.sweden@nordictrustee.com or by calling +46 8 783 79 00.
Edoardo Preatoni
Member of the Management Board
Tel +372 6144 920
Email: prokapital@prokapital.ee
Frequently Asked Questions
What is the purpose of the written procedure initiated by AS Pro Kapital Grupp?
The written procedure is aimed at obtaining approval from bondholders for amendments to the terms of the senior secured bonds.
When is the deadline for bondholders to vote?
The last day for voting is February 20, allowing bondholders ample time to review the proposals before submitting their votes.
Who can participate in the voting process?
Any direct registered owner of the senior secured callable fixed rate bonds is eligible to participate and vote in the written procedure.
What changes are being proposed in the bond terms?
The company may retain its hotel operations in Germany instead of divesting and proposes to repay part of the bonds on a pro rata basis.
Who is advising AS Pro Kapital Grupp during this process?
Gernandt & Danielsson Advokatbyrå has been engaged as the legal advisor to assist the company with the written procedure and related legal matters.
