Cabonline initiates a written procedure in respect of its bonds
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.
Cabonline Group Holding AB (publ) (the "Company") has on the date hereof given instructions to Nordic Trustee & Agency AB (publ) (the "Agent"), being the agent under the Company's senior secured floating rate notes with ISIN SE0013409398 (the "Notes") to initiate a written procedure in order to request that the noteholders vote in favour of certain amendments, waivers and consents in respect of the terms and conditions of the Notes.
The notice of the written procedure and the proposed amendments, waivers and consents (including background in respect thereof) are available at the Company's website (www.cabonlinegroup.com), and the purpose thereof is to waive and amend the financial covenants and to provide flexibility in order to be able to restructure the Finnish part of the group. The conditions for the effectiveness of the noteholders' approval (if given) to carry out the request are specified in detail in the notice of the written procedure.
The Company has informed the Agent that it has received a waiver from Pareto Bank ASA (as super senior lender) in relation to the restructuring of the Finnish part of the group and the relevant terms of the super senior revolving facility agreement and the other relevant finance documents.
To be eligible to participate in the written procedure a person must fulfil the formal criteria for being a noteholder on 30 April 2020. This means that the person must be registered in the debt register of Euroclear Sweden AB as a direct registered owner (Sw. direktregistrerad ägare) or as authorised nominee (Sw. förvaltare) with respect to one or several Notes.
The Agent will in accordance with the terms and conditions of the Notes issue a formal notice for the written procedure to all persons registered as holders of Notes on 23 April 2020. The written procedure will end at 15.00 (CET) on 14 May 2020 but may be ended earlier if a requisite majority of consents of the Adjusted Nominal Amount (as defined in the terms and conditions of the Notes) have been received by the Agent in advance of such date.
Information about the decisions taken under the written procedure will be published on the Company's website.
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 08:00 CET on April 24 2020.
For further information, please contact:
Peter Viinapuu, CEO, tel. +46 76 641 10 06
Anneli Lindblom, CFO, tel. +46 76 593 84 00
About Cabonline Group
Cabonline Group is a leading technology and service provider for the taxi industry in the Nordics. In Sweden, Finland, Norway and Denmark, around 3,000 transporters are connected with approximately 5,700 vehicles under different brands, including TaxiKurir, Norgestaxi, TOPCAB, Kovanen, Taxi Skåne, Taxi Väst, Umeå Taxi, Sverigetaxi and Taxi 4x27. Through Cabonline Group, the transporters get attractive customer agreements, industry-leading technology as well as access to large scale advantages and infrastructure. Cabonline Group has a turnover of approximately 6.5 billion SEK and performs over 45,000 journeys every day. For more information please visit www.cabonlinegroup.com.