Akademibokhandeln holders reject amendments to SEK 700 million bonds

By Susanna Moon

Chicago, Dec. 8 – Akademibokhandeln AKB AB (publ) failed to garner the needed support to amend its SEK 700 million senior secured callable floating-rate bonds related to a change of control.

There were enough votes cast to form a quorum, but the proposed amendments received fewer than the needed two-thirds of the votes cast in favor, according to a notice by Nordic Trustee & Agency AB (sweden@nordictrustee.com) as agent.

As announced Nov. 13, the issuer was asking for a majority of holders to support amending the floaters by way of written procedure until11 a.m. ET on Dec. 7.

The issuer also was tendering for the bonds and soliciting consents in a separate offer with an early bird consent fee paid for tender and voting instructions sent by 6 a.m. ET on Nov. 21.

Bondholders were being asked to agree to insert a mandatory redemption provision with a price of 106.8% of par plus accrued interest up through the redemption date.

To form a quorum, holders representing at least 20% of the adjusted nominal amount needed to reply to the proposal. To approve the change, at least 66 2/3% of the adjusted nominal represented needed to consent to the proposal.

Holders were notified July 3 that a change of control had occurred under the note terms when Volati Bok AB became the shareholder of 100% of Akademibokhandeln’s shares, according to a company announcement.

As a result, Volati AB (publ), as the indirect majority shareholder of Volati Bok, became the new majority shareholder and sponsor of Akademibokhandeln’s bonds.

Volati has announced plans to issue SEK 750 million of bonds. In connection with that, Akademibokhandeln is considering repurchasing and redeeming its outstanding bonds using proceeds from the sponsor’s planned issuance.

For questions, contact the trustee at sweden@nordictrustee.com or +46 8 783 79 00. For questions about the consent solicitation, contact the solicitation agents Nordea Bank AB (+45 6161 2996 or nordealiabilitymanagement@nordea.com) or Skandinaviska Enskilda Banken AB (+46 85 06 23061 or sebliabilitymanagement@seb.se).

Holders must be of record as of Nov. 23.

Akademibokhandeln, formerly Nordic Bookstore Group, is a Stockholm, Sweden-based bookstore chain with about 125 stores.

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