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 2,200,000,000 senior secured floating rate notes 2019/2022 with ISIN SE0013409398 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, 24 March 2022, 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 23 March 2022.
The redemption date will, subject to satisfaction of the Condition (as defined below), be 28 April 2022 (the "Redemption Date"). The Notes will be redeemed at an amount equal to 103,750 per cent. of the nominal amount (i.e. SEK 1,296,875 per note) (the "Redemption Price") plus, as at the Redemption Date, accrued but unpaid interest (including unpaid interest accrued in relation to the Margin Increase during the Interest Periods ending after the Effective Date but on or before 30 September 2021 (each as defined in the terms and conditions of the Notes)). 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 closing time on 21 April 2022, i.e. five (5) business days prior to the Redemption Date (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 19 April 2022.
The early redemption of the Notes is conditional upon the successful completion by the Company of the issuance of SEK-denominated senior secured sustainability-linked 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 Pareto Securities AS (the "Sole Bookrunner") 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 Sole Bookrunner (at the contact details provided below) in order to apply (by means of an application form to be provided by the Sole Bookrunner) 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 Sole Bookrunner 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 103,750 per cent. of the Nominal Amount (i.e. SEK 1,296,875 per note) (the "Early Redemption Price") plus accrued but unpaid interest (including unpaid interest accrued in relation to the Margin Increase during the Interest Periods ending after the Effective Date but on or before 30 September 2021 (each as defined in the terms and conditions of the Notes))
Noteholders applying for subscription of New Notes in the book building process must ensure that the Sole Bookrunner receive a complete and valid application by 17.00 CET on 25 March 2022 (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 Sole Bookrunner, be disregarded in the allocation process relating to the New Notes.
The contact details of the Sole Bookrunner are:
Pareto Securities AS: Anders Høyem, Fixed Income Sales, tel. +47 24 13 21 10
For further information, please contact:
Fredrik Lundqvist, acting CFO, tel. +47 24 13 21 10
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 CET 0800 on 24 March 2022.
About Cabonline:
Cabonline is the leading taxi company in the Nordic region with ~2,600 connected transporters and ~4,600 vehicles in Sweden, Norway, Finland and Denmark. Cabonline operates 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, transporters have access to attractive customer agreements, support from industry-leading technology and efficient services where shared infrastructure delivers economies of scale. In 2021, Cabonline’s revenue was approximately SEK4.5 billion. For further information: cabonlinegroup.com/en