2019-07-25
Cimco Marine AB obtains the bondholders’ approval for a waiver in respect of certain terms for its up to MSEK 200 bonds
On 5 July 2019 Cimco Marine AB (publ) (”Cimco”) informed that the Company had initiated a written procedure to obtain the bondholders’ approval for a waiver in respect of certain terms for its up to MSEK 200 (or its equivalent in NOK and EUR) Senior Secured Callable Fixed Rate Bonds with ISIN SE0010831545, SE0010831594 and NO0010815442 (the “Bonds”).
The agent for the Bonds (Intertrust (Sweden) AB) has administered the written procedure which was completed on 25 July 2019.
The proposed waiver was accepted by bondholders representing 99.82 percent of the adjusted nominal amount for which bondholders replied in the written procedure and bondholders representing a sufficient amount of the total adjusted nominal amount for the Bonds participated in the written procedure in order for a quorum to exist.
The required majority to approve the proposal in the written procedure has consequently been met and the proposed waiver has consequently been accepted.
The proposed waiver means that Cimco will be allowed to (i) take up unsubordinated loans under the credit facility agreement entered into between Cimco and the European Investment Bank (the “EIB”) on 5 July 2019 (as communicated by press release the same day) and (ii) prepay and repay the loans from the EIB (incl. interest).
The waiver becomes effective today, 25 July 2019.