SSM reaches agreement with majority of bondholders to amend terms of company’s outstanding bonds

SSM Holding AB (publ) has reached an agreement with a majority of SSM’s bondholders regarding the company’s outstanding bonds of 400.0 MSEK. Pursuant to the agreement, the maturity date of the bonds will be extended to 2022, i.e. for two years, and the interest rate will remain unchanged. Furthermore, SSM has committed to repay 100.0 MSEK no later than May 2020 and thereafter repay an amount not less than 75.0 MSEK semi-annually. In addition, the company will not pay any dividends until the bonds have been repaid in full. SSM intends to initiate a written procedure to amend the bond terms Q1 2020. The agreement is conditional upon a capital contribution of 100.0 MSEK from a share issue or other means. 

Today, SSM reached an agreement with a majority of the bondholders, including Spiltan Fonder, Originat AB and funds under the control of Nordic Credit Partners, which together hold a total of 51.5 percent of the adjusted nominal amount of the company’s outstanding bonds of 400.0 MSEK that mature in May 2020 (ISIN SE0008040893).

Pursuant to the agreement, among other things, the maturity date of the bonds will be extended to 2022, i.e. for two years, and the interest rate will remain unchanged. SSM has further committed to repay 100.0 MSEK no later than May 2020 and to repay an amount not less than 75.0 MSEK semi-annually at an agreed premium starting in November 2020. Additionally, SSM will not pay any dividends or make any other transfers of value to the company’s shareholders until the bonds have been repaid in full.

The agreement is conditional upon a capital contribution of 100.0 MSEK. SSM is currently exploringthe conditions for a capital contribution through a share issue or other means. No decision has been made as yet.  

During the first quarter 2020, SSM intends to initiate a written procedure to amend the bond terms.

SSM holds outstanding bonds totaling 31.0 MSEK within the scope of the current bond following a repurchase of bonds in several tranches in 2019.
 

This information is such information that SSM Holding AB (publ) is required to disclose in accordance with the EU Market Abuse Regulation. The information was submitted, through the contact person below, for publication on December 13, 2019 at 16:35 CET.

For more information, please contact:
Ann-Charlotte Johansson
EVP Communications & IR

Email: ann-charlotte.johansson@ssmliving.se
Phone: +46 761-65 17 71

 

About SSM Holding AB (publ) 
SSM produces functional smart and affordable housing with attractive communal areas, close to public transport in close proximity to the company´s target group - tomorrow's urbanites. The company´s vision is a housing market with room for as many people as possible. SSM is a leading housing developer in its niche within the Stockholm area, and in September 2019, approximately 4,500 building rights are included in the company´s project portfolio. SSM was listed on Nasdaq Stockholm´s main list April 6, 2017. www.ssmlivinggroup.com

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