DistIT
DistIT initiates written procedure for implementation of recapitalisation
NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, THE UNITED KINGDOM, AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE’S REPUBLIC OF CHINA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE SUCH PUBLICATION, DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL OR REQUIRE REGISTRATION OR ANY OTHER MEASURES. PLEASE SEE “IMPORTANT INFORMATION” AT THE END OF THE PRESS RELEASE.
DistIT AB (publ) (“DistIT” or the “Company”) announces that it is initiating a written procedure regarding its outstanding senior unsecured bonds, in order to obtain bondholders’ approval for the implementation of the previously announced principal agreement for the recapitalisation of the Company.
On 29 April 2025, the Company announced that it had reached a principal agreement with a group of major holders of the Bonds, regarding the Company’s outstanding senior unsecured corporate bonds with a maximum amount of SEK 300 million, ISIN SE0015949359 (the “Bonds”). The principal agreement includes a rights issue of approximately SEK 168 million and various amendments to the terms and conditions of the Bonds, with the objective of addressing the upcoming bond maturity, strengthening the Company’s liquidity, and establishing a long-term sustainable capital structure (the “Recapitalisation”).
In order to implement the Recapitalisation, the Company has requested that Nordic Trustee & Agency AB (publ) (the “Agent”), in its capacity as agent for the bondholders, issue a notice of Written Procedure to decide, among other things, on a mandatory debt-to-equity swap of up to 50% of the nominal amount of the Bonds in the above mentioned rights issue, an extension of the final maturity date of the Bonds to 19 May 2028, a right to defer interest payments and certain other amendments to the terms and conditions of the Bonds (the “Written Procedure”). The implementation of the requests set forth in the Written Procedure is subject to the approval by at least two-thirds of the votes cast in the Written Procedure. For more information about the Written Procedure and a more detailed description of the requests, reference is made to the notice of Written Procedure available on the respective websites of the Company and the Agent. For more information on the rights issue, please refer to the Company’s press release as of 13 May 2025.
The notice of the Written Procedure, including voting instructions, will be distributed to directly registered owners and registered nominees of the Bonds in accordance with the Company’s debt ledger maintained by Euroclear Sweden as of 12 May 2025. The notice will also be available on the respective websites of the Company and the Agent.
The outcome of the Written Procedure will be announced through a press release upon completion of the Written Procedure. The record date for voting in the Written Procedure is 20 May 2025, and the last date for voting is 2 June 2025. However, the Written Procedure may be concluded before the expiry of the voting period if the required majority has been obtained earlier.
For questions regarding the administration of the Written Procedure, please contact the Agent at voting.sweden@nordictrustee.com or +46 8 783 79 00.
Advisors
ABG Sundal Collier acts as financial advisor to the Company in connection with the Recapitalisation. Gernandt & Danielsson and DLA Piper act as legal advisors to the Company in connection with the Recapitalisation.
Datum | 2025-05-13, kl 15:00 |
Källa | MFN |
