SGL International has approval to amend bond terms and conditions

Chicago, Sept. 27 – SGL International AS announced the approval via written procedure for amendments to the terms and conditions for its €315 million of its senior secured bonds due 2024 (ISIN: SE0013101219) and up to €350 million senior secured bonds due 2025 (ISIN: SE0015810759), according to a press release.

The issuer was conducting the consent solicitation to amend intercreditor agreements and terms and conditions of the bonds.

A sufficient number of bondholders participated in the written procedure in order to form a quorum, and a requisite majority of the bondholders voted in favor of the proposal.

The changes will permit a subsequent bond issue, previously reported and now set to close on Sept. 28, and the use of certain cash currently held in escrow for other acquisitions than those communicated in conjunction with the group’s previous bond issue, as previously reported.

The voting requests expired at 11 a.m. ET on Sept. 27.

The record date for being able to vote was Sept. 6.

Under the proposed measures, bondholders waived any potential default or event of default that may have occurred and will be remediated by way of repayments on the working capital facilities with proceeds from the issuance of subordinated bonds on Sept. 6.

Pareto Securities acted as financial adviser and Roschier Advokatbyra as legal adviser in connection with the written procedure.

The freight forwarding company is based in Denmark.

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