TradeDoubler gets votes to amend SEK 250 million of bonds due 2018

By Susanna Moon

Chicago, April 24 – TradeDoubler AB obtained the needed holder approval to amend its SEK 250 million of outstanding senior bonds 2013/2018 by way of written procedure.

There were enough votes to form a quorum, and the measure garnered support from at least three quarters of the adjusted nominal amount for which votes were cast, according to a notice.

The amendments will become effective as of April 23.

As announced March 26, the company was asking bondholders to approve some amendments to the term and conditions of the bonds by noon ET on April 23. Holders had to be of record as of April 9.

The issuer was offering a 10% consent fee to holders who voted in favor of the proposed amendments.

Holders of at least 20% of the bonds needed to participate in order to form a quorum.

The bonds are set to mature on Dec. 20, 2018, and TradeDoubler is evaluating different ways to refinance the bonds.

In order to increase its financial flexibility to refinance the bonds, the company was asking holders to approve some changes to the bonds that would allow it to incur secured or unsecured SEK 100 million additional debt.

The company also was asking holders to approve a call option so that it could redeem the bonds at a price of 75 on any day up until maturity.

Separate tender offer

The company also was offering to purchase the bonds in order to improve its financial results and to obtain control of its financing costs. The issuer was offering to purchase the bonds at 75% of par together with accrued interest. The purchase price was equal to one of the most recent trading prices on the market.

The tender offer was set to end at noon ET on April 19.

To further increase the holders’ incentive to tender their bonds, the issuer was offering an additional early bird fee of 2% to holders who tendered their bonds by noon ET on April 5.

This tender offer is conditioned, however, on the holders approving the request under the written procedure.

Holders could vote either in the written procedure or in the separate tender offer. If a holder submits votes through both processes, the vote submitted through the tender offer voting process will count.

Holders will also receive a 10% consent fee under the tender offer.

The issuer said some key holders and beneficial owners of the bonds had said that they would participate in the tender offer and vote in favor of the proposed amendments.

Nordic Trustee & Agency AB is the agent.

For questions e-mail viktor.wagstrom@tradedoubler.com or call +46 8 405 08 51.

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