Bonava initiates written procedure under its outstanding bond loan

Bonava AB (publ) ("Bonava" or the "Company") announces that the Company has today initiated a written procedure under its outstanding SEK 1,200 million senior unsecured floating rate notes maturing in 2024 with ISIN SE0013887973 (the "Notes"), to seek approval from the holders of the Notes (the “Noteholders”) to amend the terms and conditions of the Notes.

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Reference is made to the press release published by Bonava on 20 December 2023, in which Bonava announced (i) that its Board of Directors has resolved on a fully guaranteed rights issue of Class A shares and Class B shares of approximately, but no less than, SEK 1,020 million with preferential rights for existing shareholders, (ii) that the Company has on certain conditions reached an agreement with its lenders regarding an extension of its senior credit facilities, and (iii) that the Company intends to initiate a written procedure regarding the Company's outstanding bond loan, to seek the Noteholders’ approval to amend the terms and conditions of the Notes.

Bonava has instructed Nordic Trustee & Agency AB (publ) as agent under the Notes (the "Agent") to instigate a written procedure in accordance with the terms and conditions of the Notes to request the Noteholders to approve certain amendments to the terms and conditions of the Notes, as set out in a notice of written procedure (the "Written Procedure"). The proposed amendments include, among other things:

(a)     an extension of the original maturity date of the Notes;

(b)     an increase of the margin;

(c)     an inclusion of two mandatory redemption instalments of SEK 120 million each;

(d)     an option for the Company to make voluntary redemptions at a certain percentage of the nominal amount; and

(e)     a security package ranking pari passu with the lending banks.

A Noteholder voting on or prior to 15.00 CET on 9 January 2024, will receive an early consent fee equal to 0.50 per cent of the nominal amount of each Note if the request is approved.

For full details of the proposed amendments, please refer to the notice of the Written Procedure which is available on the Company’s website bonava.com

The Company has received voting undertakings from Noteholders representing approximately 63 per cent. of the adjusted nominal amount of the Notes to vote in favour of the request in the Written Procedure.

The outcome of the Written Procedure will be announced by way of a press release in connection with the conclusion of the Written Procedure. The voting record date is 29 December 2023 and the last day for voting in the Written Procedure is 12 January 2024.

 

For more information, please contact:

Lars Granlöf, CFO
[email protected]
Tel: +46 790 631 609

 

 

Bonava is a leading residential developer in Europe with the purpose to create happy neighbourhoods for the many. The company is the first residential developer in Europe to receive approval from the Science Based Targets initiative for its climate targets. With its 1,600 co-workers, Bonava develops residential housing in Germany, Sweden, Finland, Estonia, Latvia and Lithuania, and had net sales of approximately SEK 14 Bn in 2022. Bonava’s shares and green bond are listed on Nasdaq Stockholm.

For more information about us, visit: bonava.com

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