AEROF Sweden Bondco AB (publ) calls for a change of the terms of the company’s senior secured bonds and requests certain waivers by initiation of a written procedure
AEROF Sweden Bondco AB (publ) (the "Company" and together with its ultimate parent, Aberdeen European Residential Opportunities Fund SCSp SICAV-SIF, and all of their respective subsidiaries (direct and indirect) from time to time, the "Group") has instructed the agent for the Company's senior unsecured bonds with ISIN SE0015483151 (the "Bonds") to initiate a written procedure to request that bondholders vote in favour of certain amendments and waivers to the terms and conditions of the Bonds.
The proposed waivers and amendments include (i) a waiver in relation to any event of default which has or will occur as a result of the covenant breach as disclosed by the Company on 28 February 2025, (ii) a delisting of the Bonds, (iii) an amendment of the undertaking to publish the financial reports on the website of the Group, (iv) an amendment of the notice period for any future written procedures and (v) an amendment to Clause 12.1 (Maintenance Test) of the terms and conditions of the Bonds in order remove the undertaking that the Issuer shall procure that the net interest bearing debt to net value is below 75.00 per cent. for the test date falling on 30 June 2024 and each subsequent test date and that the equity to Bonds outstanding exceeds 1.25:1, each of which is further described under Clause 2 (Amendments and waivers of the Terms and Conditions), each of which is further described in the notice to the written procedure (the "Proposal").
The Issuer has received voting undertakings from holders of the Bonds representing a majority of the adjusted nominal amount in respect of approving the Proposal.
The agent will deliver the notice of a written procedure to all bondholders on 5 March 2025. The written procedure will commence on 12 March 2025 and end on 31 March 2025. To be eligible to participate in the written procedure a holder must fulfil the formal criteria for being a bondholder on 10 June 2024. This means that the holder must be registered on a securities account with Euroclear Sweden AB as a direct registered owner (Sw. direktregistrerad ägare) or authorised nominee (Sw. förvaltare) with respect to one or several Bonds.
The notice of a written procedure is available on the Company's website (aerof-bond.com) and on Stamdata (www.stamdata.com).
Paolo Alonzi
Head of Structuring & Operational Strategy – Alternatives
T: +44 (0)7385 009727
or
Jason Baggaley
Deputy Head of Real Estate Value Add Funds
T: +44 (0)7801 039463
Important information:
This information is by AEROF Sweden Bondco AB (publ) required to disclose under the EU Market Abuse Regulation. The information was submitted for publication on 5 March 2025 at 17:45 CET.