European Lingerie Group AB (“ELG“) hereby announces that the written procedure initiated on 13 August 2020 of its maximum EUR 60,000,000 senior secured floating rate bonds 2018/2021 (ISIN: SE0010831792) (the “Bonds”) in order to amend the terms and conditions for the Bonds (the “Terms and Conditions”) has been successfully concluded. Capitalised terms used but not defined herein shall have the meanings assigned to them in the Terms and Conditions.
ELG has previously announced that it has ongoing discussions with certain holders of the Bonds (the “Bondholder Committee“) representing approximately 60 per cent. of the Total Nominal Amount of the Bonds, regarding ELG’s defaults under the Terms and Conditions as well as a cooperation between the ELG and the Bondholder Committee to explore and execute a potential restructuring of the Group and the Bonds.
The written procedure was initiated by the Bondholder Committee in order to receive the Bondholders’ approval to amend the Terms and Conditions in order to clarifying that each of the Agent and the Bondholder Committee is entitled to engage external experts in connection with the Restructuring and that any Bondholder having paid any Restructuring Fees shall be entitled to reimbursement by way of a corresponding distribution in accordance with Clause 15(a)(i) of the Terms and Conditions.
A requisite majority of the voting Bondholders voted in favour of the request to amend the terms and conditions for the Bonds. The bondholders’ consent to amend the terms and conditions for the Bonds were deemed to be approved as of 8 September 2020. Accordingly, the agent, Intertrust (Sweden) AB, has concluded the written procedure initiated by the Company on 13 August 2020.
The amended and restated terms of conditions of the Bonds are now effective, to reflect the approval of the request (the “Amended and Restated Terms and Conditions“). The Amended and Restated Terms and Conditions are available on ELG’s web page.
The information was submitted for publication, through the agency of the contact person set out below, at 12:30 CEST on 11 September 2020.
For more information, please contact:
Head of Strategy, M&A and IR
European Lingerie Group AB
+371 2839 1256