The restructuring of Song Networks developing according to plan

Report this content

The restructuring of Song Networks developing according to plan Song Networks Holding AB (Stockholmsbörsen: SONW) announces that the ongoing process of converting its bonds to new shares is developing according to plan. During the first conversion period bondholders representing 84 percent of the total outstanding bonds, issued by the wholly owned subsidiary Song Networks N.V, have turned in their bonds for exchange for new shares in Song Networks Holding AB. The converted loans are equivalent to a total debt of approximately SEK 3.6 billion. Through the restructuring Song Networks will be virtually free of debt. The remaining bonds can be converted during one of the conversion periods open until May 2, 2003. Bonds that have not been converted by this date will become void without any right to be exchanged for shares. As previously announced Song Networks Holding AB today acquired all shares in Arrowhead AB from Vattenfall AB for SEK 100 million. At the same time Vattenfall AB made a subscription of new shares in Song Networks Holding AB for SEK 100 million. For further information, please contact: Song Networks Holding AB Tomas Franzén, Chief Executive Officer Tel: +46 8 5631 0111 Mobile: +46 701 810 111 About Song Networks, formerly Tele1 Europe, (Stockholmsbörsen: SONW) Song Networks is a data and telecommunications operator with activities in Sweden, Finland, Norway and Denmark. The Company's business concept is to offer the best broadband solution for data communication, Internet and voice to businesses in the Nordic region. The Company has built local access networks in the largest cities in the Nordic region. The Company was founded in 1995 in Sweden and have approximately 975 employees per September 30. The head office is located in Stockholm and there are an additional 34 offices located in the Nordic region. Certain statements contained in this press release contain "forward- looking statements" within the meaning of the U.S. federal securities law. Such statements are based on the current expectations of the management of Song Networks Holding AB only, and performance is subject to risks, uncertainties and other factors that could cause actual results to differ materially from these statements. Such risks include, but are not limited to, adverse regulatory, technological or competitive developments; decline in demand for the company's services or products; inability to timely develop, introduce and market new technologies, products and services; pricing pressures resulting from competition; unforeseen construction delays; and the inability to successfully manage systems failures or shutdowns and service interruptions or reduced services to customers. For a more detailed discussion of such risks and uncertainties affecting the company, please refer to Song Networks Holding AB's reports that are filed from time to time with the U.S. Securities and Exchange Commission, including the company's annual report on Form 20-F and reports on Form 6-K. ------------------------------------------------------------ This information was brought to you by Waymaker The following files are available for download: