Hoist Kredit AB (publ) announces successful solicitation of consents to certain amendments to the terms and conditions of the SEK notes.
Hoist Kredit AB (publ) also announces indicative results for the tender offer to all holders of its outstanding SEK notes.
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Consent solicitation to holders of the Company’s outstanding Notes
Hoist Kredit AB (publ) (the “Company”), a wholly-owned subsidiary of Hoist Finance AB (publ), today announces the successful completion of its consent solicitation from holders of the outstanding SEK 350,000,000 fixed term subordinated loan notes due 2023 (ISIN SE0005280591) (the “Notes”) regarding certain modifications to the terms and conditions of the Notes (the “Proposal”) to allow the Company, at its option, to redeem the Notes pursuant to an extraordinary early redemption (the “Extraordinary Early Redemption”) as more fully described in the consent solicitation and tender offer memorandum dated 27 April 2017 (the “Consent Solicitation and Tender Offer Memorandum”).
In connection with the consent solicitation, a noteholders’ meeting in respect of the Notes was held on 16 May 2017 at 9.00 CET. The quorum requirement was met and the Proposal to insert an Extraordinary Early Redemption option in the terms and conditions of the Notes was approved. The Early Consent Fee (as defined in the Consent Solicitation and Tender Offer Memorandum) will be payable to the direct registered owners and nominees that have submitted valid consent voting instructions in favour of the Proposal before the relevant deadline in accordance with the terms set out in the Consent Solicitation and Tender Offer Memorandum at the Early Redemption Date (as defined in the Consent Solicitation and Tender Offer Memorandum). If the Effective Date (as defined in the Consent Solicitation and Tender Offer Memorandum) and the Extraordinary Early Redemption do not occur, no Early Consent Fee will be payable. Noteholders who have validly tendered Notes pursuant to the Tender Offer (as defined below) are exclusively compensated for such tender through the Tender Consideration (as defined in the Consent Solicitation and Tender Offer Memorandum) and such Noteholders are not eligible to receive any additional Early Consent Fee with respect to tendered Notes, even if the Effective Date occurs.
Tender Offer regarding the Company’s outstanding Notes
The Company also announces the indicative results of its invitation to all holders of Notes to tender any and all such Notes for purchase by the Company for cash, subject to the terms and conditions described in the Consent Solicitation and Tender Offer Memorandum (the “Tender Offer”).
At the Tender Deadline at 5:00 p.m. CET on 10 May 2017, valid tender instructions of SEK 287,000,000 in aggregate principal amount of Notes had been received pursuant to the Tender Offer. The Company intends to accept for purchase all validly tendered Notes subject to the successful completion (in the determination of the Company) of the issue by the Company of New Notes (as defined in the Consent Solicitation and Tender Offer Memorandum), on terms satisfactory to the Company, in order to enable it to finance the Tender Consideration for the Notes validly tendered in the Tender Offer. The Company retains the right, in its sole discretion, to waive any conditions.
The details for the Tender Offer and the Proposal are fully described in the Consent Solicitation and Tender Offer Memorandum.
Dealer Managers and Solicitation Agents:
Deutsche Bank AG, London Branch: +44 20 7545 8011, liability.management@db.com
Nordea Bank AB (publ): +45 5547 4294, bibi.larsen@nordea.com / NordeaLiabilityManagement@nordea.com
Tender and Paying Agent:
Nordea Bank AB (publ): IssuerSeCustodian@nordea.com
For further information, please contact:
Magnus Linnersand, Group Head of Treasury
Telephone: +46 (0)8 555 177 72
Michel Jonson, Group Head of Investor Relations
Telephone: +46 (0)8 555 177 19
The information above has been published pursuant to the Swedish Securities Markets Act (Sw. lagen om värdepappersmarknaden) and/or the Swedish Financial Instruments Trading Act (Sw. lagen om handel med finansiella instrument). This information was released for publication at 10:00 CET on 16 May 2017.
About Hoist Finance
Hoist Finance is a trusted debt restructuring partner to international banks and financial institutions. We are specialised in serving banks in handling non-performing loans, and supporting individuals in becoming debt free. Through expertise and rigorous compliance we earn the banks’ trust. Through respect, honesty and fairness we earn the trust of our customers.
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