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Biocartis holders approve amendments to 4% convertibles due 2024
By Marisa Wong
Los Angeles, Oct. 11 – Biocartis Group NV announced it amended its 4% convertible bonds due 2024 as part of the comprehensive recapitalization arrangements announced on Sept. 1.
Holders of the existing convertible bonds were asked to approve some amendments to the bonds such as a partial equitization equal to 10% of notional amounts outstanding, a maturity extension by 3.5 years to November 2027 and remaining coupons to be paid as payment-in-kind (via capitalization of coupons) to preserve cash.
These amendments have been approved by the required majority, and the amendments have become effective, according to a Monday press release.
As previously announced, holders are also offered the right to exchange their existing bonds into new second-lien secured convertible bonds, subject to their commitment to participate pro rata in a fully backstopped €25 million investment into additional new convertible bonds.
The new convertible bonds will benefit from asset security, shares security and certain guarantees and mature in November 2026 with a higher 4.5% cash coupon.
Existing holders that do not provide additional funding under the new convertible bond terms will not be permitted to exchange, and their existing bonds will remain outstanding with the amended terms.
The deadline for the exchange offer is Oct. 24.
In addition, the company said it has invited its shareholders, holders of subscription rights, holders of convertible bonds, directors and statutory auditor to an extraordinary shareholders’ meeting to be held on Oct. 27 in Belgium.
Biocartis is molecular diagnostics company based in Mechelen, Belgium.
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