Sollentuna Stinsen JV AB initiates a written procedure for its senior secured bonds 2019/2022 with ISIN SE0013122058
Sollentuna Stinsen JV AB (the "Company") has instructed the agent for the Company's up to SEK 500,000,000 senior secured floating rate bonds 2019/2022 with ISIN SE0013122058 (the "Bonds") to initiate a written procedure to request the holders of the Bonds (the "Bondholders") to vote in favour of amending the terms and conditions of the Bonds originally dated 30 September 2019 (the "Terms and Conditions").
Due to an extended timeline for its existing development project of the Stinsen property (the "Project"), the Company seeks to extend the final redemption date of the Bonds (which matures 7 October 2022) by twelve months and, inter alia, amend the call structure and redemption price to a step-up up to 105 per cent., amend the margin to a fixed margin of 10.75 per cent. per annum, further restrict permitted debt and distributions and decrease the bond framework amount from SEK 500,000,000 to SEK 400,000,000, as further described in the notice of the written procedure.
If the Bondholders consent to the amendments of the Terms and Conditions, the Company undertakes to pay a consent fee of 1.50 per cent., as further described in the notice of the written procedure. The amendments of the Terms and Conditions are conditional upon the shareholders of the Issuer providing unconditional shareholders contributions to the Issuer in an amount of SEK 60,000,000.
The Company has received voting undertakings for the proposal from Bondholders who represent approximately 86% per cent. of the outstanding Bonds.
The agent will deliver the notice to a written procedure to all Bondholders on 11 July 2022. The written procedure will commence on 15 July 2022 and end on 4 August 2022. To be eligible to participate in the written procedure a person must fulfil the formal criteria for being a Bondholder on 15 July 2022. This means that the person must be registered on a securities account with Euroclear Sweden AB as a direct registered owner (Sw. direktregistrerad ägare) or authorised nominee (Sw. förvaltare) with respect to one or several Bonds.
Each Bondholder is hereby encouraged to make a thorough review the investor presentation (including the risk factors relating to the Company and the Project) which is available on the Company's website.
Danske Bank A/S, Danmark, Sverige filial has been retained as financial advisor in connection with the written procedure.
The notice to the written procedure is available on the Company's website (http://www.sollentunastinsenjvab.com/en/f%C3%B6retagsobligationer) and on Stamdata (www.stamdata.com).
For more information, please contact:
Christian Matti, CEO, Sollentuna Stinsen JV AB
+46 70 270 53 25, christian.matti@magnoliabostad.se
The information Sollentuna Stinsen JV AB publishes in this report is required in accordance with the EU Market Abuse Regulation (EU) No 596/2014. The information was submitted for publication through the agency of the contact person, on 11 July 2022 at 15:30 CEST.
Sollentuna Stinsen JV AB (559085-9954) is a joint venture between Magnolia Projekt 36 AB and the pension company Alecta pensionsförsäkring, ömsesidigt, and was formed in 2016 to develop the property Sollentuna Stinsen 2.The company is located at Sturegatan 6, Stockholm.