Pro Kapital Grupp gets bondholder approval to amend 2024 bonds

By Marisa Wong

Los Angeles, Jan. 16 – AS Pro Kapital Grupp obtained bondholders’ approval in the written procedure under its €28.5 million 8% senior secured callable fixed-rate bonds 2020/2024 (ISIN: SE0012801172), according to a Monday press release.

On Dec. 22, the company had instructed Nordic Trustee & Agency AB (publ) to initiate a written procedure under the bonds. The company wanted to make changes to the bonds, including extending the final redemption date by four years to Feb. 20. 2028.

Other proposals included increasing the interest rate by 3% starting on the original final redemption date and a waiver to carry out an €8.55 million redemption of the bonds.

The last day to vote in the procedures was Jan. 15.

In order for the proposed changes to pass, holders representing at least 20% of the bonds had to participate, and two-thirds of the adjusted nominal amount for which bondholders replied to the procedure had to be in favor the changes.

At the start of the written procedure, Pro Capital said it had already received undertakings to vote in favor of the request from the largest holders of the bonds, which cumulatively represented about 75% of the outstanding principal amount.

The company confirmed in Monday’s announcement that a sufficient number of votes was obtained to form a quorum and that the required majority of the bondholders had voted in favor of the request.

Nordic Trustee (voting.sweden@nordictrustee.com or +468 783-7900) was the agent for the written procedure.

Pro Kapital Grupp is a Tallinn, Estonia-based real estate development company.

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