Lauritz.com bondholders vote to release pledge; company repays SEK 100 million of bonds

By Marisa Wong

Morgantown, W.Va., June 23 – Lauritz.com A/S’s bondholders have submitted votes in favor of releasing the pledge on the company’s property at Rovsingsgade 68, Copenhagen, according to a press release.

Of the votes cast, 98.38% were in favor of the release. The bondholders’ approval was a condition in order for Lauritz.com to proceed with a sales leaseback agreement with real estate company Norden.

As a part of the release of the pledge, the bondholders will receive an extraordinary partial repayment of SEK 100 million. The total amount of the bonds is SEK 425 million.

The partial repayment is equal to a payment of SEK 104 million principal amount at a rate of 104. Based on the current interest rate, this will reduce annual financial expenses by roughly SEK 7.5 million.

The company said it will finance the partial repayment with some of the proceeds from the listing of Lauritz.com Group A/S on Nasdaq First North Premier.

Lauritz.com is an online auction company for art and antiques. The company has headquarters in Herlev, Denmark.

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