Cabonline gives notice for conditional redemption of its bond
Cabonline Group Holding AB (publ) (the "Company") today informed the holders of its up to SEK 2,000,000,000 senior secured floating rate notes 2017/2020 with ISIN SE0009997075 issued by the Company (the "Notes") of its intention to redeem the Notes, conditional upon the issuance of new notes and the entering into of a new super senior revolving facility agreement
NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR TO U.S. PERSONS OR IN OR INTO ANY OTHER JURISDICTION WHERE THE DISTRIBUTION OF THIS PRESS RELEASE WOULD BE UNLAWFUL.
Conditional Early Redemption
Today, 25 November 2019, the Company has sent a conditional notice for early redemption to each person registered in the debt register (Sw. skuldbok) with respect to the Notes on 22 November 2019.
The redemption date will, subject to satisfaction of the Condition (as defined below), be 19 December 2019 (the "Redemption Date"). The Notes will be redeemed at an amount equal to 100.55 per cent. of the nominal amount (i.e. SEK 1,005,500 per note) (the "Redemption Price") plus, as at the Redemption Date, accrued but unpaid interest. The redemption amount will be disbursed to each person who is registered on a securities account as a direct registered owner (Sw. ägare) or an authorised nominee (Sw. förvaltare) with respect to the Notes at 17.00 CET on 12 December 2019 (the "Record Date") in the debt register (Sw. skuldbok). In connection with the redemption, the Notes shall be delisted from Nasdaq Stockholm. The last day for trading of the Notes in order for the trade to be registered in the debt register on the Record Date shall be 10 December 2019.
The early redemption of the Notes is conditional upon the successful completion by the Company of the issuance of SEK-denominated senior secured floating rate notes (the "New Notes") and the entering into of a new super senior revolving credit facility, in each case prior to the Record Date for the purpose of inter alia refinancing the Notes (the "Condition"). Satisfaction of the Condition will be confirmed to the holders of the Notes (the "Noteholders") through a press release prior to the Record Date. If the Condition has not been satisfied prior to the Record Date, the redemption will not occur and it will, in such case, be confirmed to the Noteholders through a press release prior to the Record Date.
Cabonline has mandated Carnegie Investment Bank AB (publ) and Pareto Securities AS (the "Joint Bookrunners") to explore the possibility of issuing the New Notes.
Offer to repurchase Notes in connection with subscription for New Notes
In connection with the issuance of the New Notes, Noteholders may contact the Joint Bookrunners (at the contact details provided below) in order to apply (by means of an application form to be provided by the Joint Bookrunners) for subscription for New Notes. Any Noteholder validly applying to subscribe for New Notes will, to the extent they are allocated New Notes by the Joint Bookrunners in the allocation process, be entitled to have their holding of Notes (limited to the total nominal amount of New Notes allocated) repurchased by, or on behalf of, the Company prior to the Record Date with the proceeds from the New Notes at a price equal to 101.375 per cent. of the Nominal Amount (i.e. SEK 1,013,750 per note) (the "Early Redemption Price") plus accrued but unpaid interest (however taking into account that the Record Date for the Interest Payment Date falling on 12 December 2019 will occur on 5 December 2019).
Noteholders applying for subscription of New Notes in the book building process must ensure that the Joint Bookrunners receive a complete and valid application by 15.00 CET on Friday 29 November 2019 (the "Application Deadline") at the latest. Submission of application shall be subject to the applicable allocation policy set out in the relevant application form. Accordingly, there can be no assurance that a Noteholder submitting an application will be allocated their full requested allocation of New Notes, or any at all. Furthermore, any such applications which are incomplete, inaccurate or invalid, or provided after the Application Deadline, may, at the discretion of the Company and the Joint Bookrunners, be disregarded in the allocation process relating to the New Notes.
The contact details of the Joint Bookrunners are:
Carnegie Investment Bank AB (publ): David Jallo, Fixed Income Sales, tel. +46 8 5886 89 04
Pareto Securities AS: Anders Høyem, Fixed Income Sales, tel. +47 24 13 21 10
For further information, please contact:
Johan Ryrberg, acting CFO, tel. +46 70 538 76 70
This information is information that Cabonline Group Holding 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 08.30 CET on November 25, 2019.
About Cabonline:
Cabonline is the leading taxi company in the Nordic region with 3,000 connected taxi firms and approximately 5,700 vehicles in Sweden, Norway, Finland and Denmark. Cabonline contains a series of well-known brands, such as Flygtaxi, TaxiKurir, Norgestaxi, TOPCAB, Kovanen, Taxi Skåne, Taxi Väst, Umeå Taxi, Sverigetaxi and Taxi 4x27. Through Cabonline, taxi firms have access to attractive customer agreements, support from industry-leading technological development and utilization of economies of scale, efficient service and a shared infrastructure. The Group has revenue of approximately SEK 6.2 billion and performs about 50,000 journeys per day. For further information: www.cabonlinegroup.com.