BEWiSynbra asks 2020, 2022 bondholders to approve basket changes

By Wendy Van Sickle

Columbus, Ohio, Aug. 31 – BEWiSynbra Group AB, formerly BEWiGroup AB, initiated a written procedure to seek bondholders’ approval of some amendments to its €75 million senior secured floating-rate bonds due 2022 and its SEK 550 million senior secured floating-rate bonds due 2020, according to two notices from Nordic Trustee.

The company is seeking to amend the terms and conditions of the bonds and the intercreditor agreement to increase its amount of permitted financial-lease debt to SEK 50 million from SEK 30 million and to increase other forms of permitted debt to permit growth after BEWi’s acquisition of Synbra.

BEWi acquired the developer and manufacturer of particle foam products made from polystyrene in May.

BEWiSynbra says the basket levels in the terms and conditions of the bonds do not take into account the needs of the group following the acquisition.

The company is seeking an increase of the basket for financial lease debt and the general basket for financial indebtedness to levels that would correspond to about the same percentage of the group’s turnover and EBITDA as when originally set, according to the notices.

The amendment to the intercreditor agreement seeks to integrate acquired subsidiaries of the Synbra Group into the existing group structure to achieve a functional group structure.

The deadline for bondholders to cast votes is 10 a.m. ET on Sept. 21.

In order to form a quorum, at least 20% of each series of bonds must be represented by vote. In order for passage, the amendments must be approved by more than 50% of the voting bonds.

Nordic Trustee & Agency AB (+46 8 783 79 00 or voting.sweden@nordictrustee.com) is the agent.

The company supplies the Nordic countries with particle foam products. Its headquarters are in Sverige, Sweden.

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