Bonava obtains approval from noteholders and fulfills one of the conditions for new financing package
Bonava AB announces that Bonava has received approval from the noteholders to amend the terms and conditions under its outstanding SEK 1,200 million senior unsecured floating rate notes maturing in March 2024 with ISIN SE0013887973 (the “Notes”). The written procedure has thus been prematurely terminated and the approval means that one of the conditions stated in the new financing package announced on 20 December 2023 is fulfilled. This constitutes an important step in the implementation of Bonava’s long-term financing strategy.
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On 20 December 2023 Bonava announced a new long-term financing package to strengthen its liquidity and financial position. One of the conditions in the financing package was the noteholders’ approval of the amended terms for the Notes, which required participation in the written procedure of at least 50% of the outstanding volume and approval by at least two thirds of these.
Acting as agent under the Notes, Nordic Trustee & Agency AB (publ) initiated a written procedure on Bonava’s instruction to seek approval from the holders of the Notes to amend the terms and conditions of the Notes. A sufficient number of noteholders participated in the written procedure to constitute a quorum. The amendments to the terms and conditions include among other things:
(a) an extension of the original maturity date of the Notes from 11 March 2024 to 11 March 2027;
(b) an increase of the margin;
(c) an inclusion of two mandatory redemption instalments of SEK 120 million each in the first half of 2024;
(d) an option for Bonava 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 substantial portion of the outstanding volume have voted, and 100% of these voted in favour of an approval of the amended terms, whereby the amendment of terms and the condition are fulfilled.
The amended terms and conditions of the Notes shall take effect upon completion of Bonava’s fully underwritten rights issue, which is expected to occur on or about 8 March 2024. Should the rights issue not have been completed before 18 March 2024, the amended terms and conditions will not become effective.
Payment of the early consent fee to eligible noteholders will be made, provided that the amended terms and conditions become effective, within ten banking days from the effective date. As previously communicated, the record date to be eligible to receive the early consent fee was 29 December 2023.
For more information, please contact:
Anna Falck Fyrhlund, Head of Investor Relations
Tel: +46 707 604 914
Fredrik Hammarbäck, Group Head of Press and Public Affairs
Tel: +46 739 056 063
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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