Tender results and results in the written procedure for Opus 2018/2022 500 MSEK Bonds
NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA) OR TO ANY U.S. PERSON (AS DEFINED IN REGULATION S OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED) OR IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS DOCUMENT. THE DISTRIBUTION OF THIS DOCUMENT IN CERTAIN JURISDICTIONS (IN PARTICULAR, THE UNITED STATES AND THE UNITED KINGDOM) MAY BE RESTRICTED BY LAW.
Tender Offer
Opus Group AB (publ) (“Opus” or the ”Company”) announces the result of the tender offer to the bondholders (the “Bondholders”) of its outstanding SEK senior unsecured callable bonds outlined below (the “Bonds”) to tender the Bonds for purchase by the Company for cash (the “Tender Offer”). The Tender Offer was made on the terms and subject to the conditions set out in a tender information document dated 23 March 2020 (the “Tender Information Document”), available on the website of the Issuer: https://www.opus.global/investor-relations/tender-offer-and-written-procedure-20182022-500-msek-bonds/
Description of the Bonds / ISIN / Outstanding Amount / Minimum Denomination / Purchase Price
May 2022 Senior unsecured callable bonds / SE0010625889 / SEK 500,000,000 / SEK 100,000 / 102.20%
The Tender Offer expired at 17:00 CET on 31 March 2020. The Tender Offer has been accepted by Bondholders representing a total nominal amount of approximately 80 per cent of SEK 500,000,000.
Opus hereby announces that it will complete the Tender Offer and the price for the Bonds in the Tender Offer amounts to 102.20% of the nominal amount. Opus will also pay accrued and unpaid interest from, but excluding, the previous interest payment date until, and including, the settlement date. Settlement date for the Tender Offer is expected to occur on 16 April 2020.
Written Procedure
In connection with the Tender Offer, the Company instigated a written procedure (the ”Written Procedure”), for which notices were distributed on 23 March 2020 by Nordic Trustee and Agency AB (publ) (the “Agent”), pursuant to the terms and conditions of the Bonds (the ”Terms and Conditions”). Further information is available on the website of the Issuer: https://www.opus.global/investor-relations/tender-offer-and-written-procedure-20182022-500-msek-bonds/
As of the time for this press release, Bondholders representing approximately 70 per cent of the Adjusted Nominal Amount (as defined in the Terms and Conditions) of the Bonds have voted in favour of the request in the Written Procedure.
As a result, a requisite quorum and majority have now been achieved in the Written Procedure in order to approve the requests in the Written Procedure and consequently, this condition for the Tender Offer has now been fulfilled. The final result in the Written Procedure will be announced by the Agent once determined.
Tender Agent:
Swedbank AB (publ)
Phone: +46 (0)8 700 90 22
E-mail: syndicate@swedbank.se
Gothenburg, April 6, 2020
Opus Group AB (publ)
This is information that Opus Group 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 persons set out herein, at 17:00 CEST on 6 April, 2020.
For additional information, please contact:
Linus Brandt, CFO & Executive Vice President
Phone: +46 722 44 09 05
E-mail: linus.brandt@opus.se
About Opus
Opus is a technology-driven growth company in the vehicle inspection and intelligent vehicle support markets. The company has a strong focus on customer service and innovative technology within emission and safety testing and intelligent vehicle support. Opus had approximately SEK 2.7 billion in revenues in 2019 with solid operating profit and cash flow. Opus’ goal is to reach an annual revenue growth of 5-10 percent, through organic and acquisitive growth based on 3-year CAGR, and an EBITA margin of 15 percent. The majority of the growth is estimated to come from the international expansion of the vehicle inspection business, with a primary focus on the Latin American and Asian markets, and the expansion of the intelligent vehicle support business. With approximately 2,600 employees, Opus is headquartered in Gothenburg, Sweden. Opus has 36 regional offices, 26 of which are in the United States and the others in Sweden, Argentina, Chile, Mexico, Peru, Pakistan, United Kingdom, Spain and Australia. Opus has production facilities in the U.S. in Hartford, Ann Arbor and Tucson. The shares of Opus Group are listed on Nasdaq Stockholm.