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Kvalitena AB (publ) initiates a written procedure for its up to SEK 1,000 million bonds with maturity in September 2020 (ISIN: SE0009664949)

Written by Customer Service on . Posted in Public Companies.

Kvalitena AB (publ) (“Kvalitena” or the “Company”) today announces that it is formally initiating a written procedure under the terms and conditions of its up to SEK 1,000 million senior unsecured bonds with a final maturity on 30 September 2020 (ISIN: SE0009664949) (the “Notes”) (the “Noteholders)”.Governments and authorities’ containment measures to reduce the spread of COVID-19 have significantly impacted the world economy, which in turn has resulted in negative effects on the capital markets in general and particularly the Nordic credit market. Hence, in the current market, a refinancing of the Notes at reasonable terms may prove challenging.Kvalitena therefore requests in the written procedure, among other things, that the final maturity date is extended by 12 months to 30 September 2021 and in connection therewith, the majority owner will strengthen the Company’s financial position by transferring a real estate portfolio comprising mainly of community service properties located in Texas, U.S. to Kvalitena, a consent fee of 1.0 per cent. of the nominal amount will be paid, and the redemption price at maturity will be 103 per cent. of the nominal amount. All requested amendments are specified in the attached notice of Written Procedure (the “Proposal”).Noteholders holding more than 42% of the Notes have have expressed their support to vote in favour of the Proposal.Voting in relation to the Proposal will be made through a written procedure (the “Written Procedure“). In order for the Proposal to be passed in the Written Procedure a quorum of at least fifty (50) per cent. of the adjusted nominal amount must be reached and a majority of at least two thirds (2/3) of the adjusted nominal amount for which Noteholders reply in the Written Procedure must vote in favour of the Proposal.Nordic Trustee will send the notice of Written Procedure to the Noteholders on 8 July 2020.The Written Procedure will commence on 13 July 2020 and end on 27 July 2020. To be eligible to participate in the Written Procedure a person must fulfil the formal criteria for being a Noteholder on 14 July 2020. This means that the person must be registered on a securities account with Euroclear Sweden AB as a direct registered owner (Sw. direktregistrerad ägare) or an authorised nominee (Sw. förvaltare) with respect to one or several Notes.The last time and day to vote is 15.00 (CEST) on 27 July 2020.For further information about the Proposal and the Written Procedure, please see the attached notice of Written Procedure.Kvalitena AB (publ)For further information, please contact:
Jonas Vestin, interim CEO, +46 707 66 00 70, jonas.vestin@kvalitena.seKvalitena AB (publ)
Strandvägen 5, 114 51 Stockholm
Reg.nr: 556527-3314
http://www.kvalitena.se/ This information is information that Kvalitena AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 12:15 CEST on 8 July 2020.AttachmentsKvalitena – Press release (2020-07-08)Kvalitena AB (publ) – Notice of written procedure (amendment request)

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