On 13 December, 2019 European Lingerie Group AB (“ELG” and together with its subsidiaries from time to time, the “Group”) announced that it is formally initiating a written procedure (the “Written Procedure“) under the terms and conditions (the “Terms and Conditions“) for ELG’s up to EUR 60,000,000 senior secured floating rate bonds due 2021 with ISIN SE0010831792 (the “Bonds“), whereby the holders of the Bonds (the “Bondholders“) could approve or reject a proposal (the “Proposal“) from ELG to waive a financial covenant breach and to make certain amendments to the Terms and Conditions as further described in the notice of written procedure dated 13 December 2019, available on the Group’s website (www.elg-corporate.com). The last time and day for the Bondholders to vote on the Proposal was 12.00 (CET) on 16 January 2020.
In the Written Procedure a quorum of 72.25% and a majority of 98.96% were achieved and the Proposal was passed.
ELG will pay a consent fee to the Bondholders amounting to 0.50 per cent. of the nominal amount of the Bonds as per 16 January 2020 (the “Consent Fee“). The Consent Fee will be payable pro rata to all persons who are registered as bondholders in the debt register kept by Euroclear Sweden on 23 January 2020 and the payment of the Consent Fee is expected to be made five (5) business days thereafter through Euroclear Sweden’s account based system.
This information is information that European Lingerie Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out below, at 17.00 CET on 16 January 2020.
For more information, please contact:
Head of Strategy, M&A and IR
European Lingerie Group AB