Ekosem-Agrar: Noteholders resolve to restructure the corporate bonds
DGAP-News: Ekosem-Agrar AG
/ Key word(s): Bond
Ekosem-Agrar: Noteholders resolve to restructure the corporate bonds
Walldorf, 31 May 2022 – At the second noteholders’ meetings on 30 and 31 May 2022, a clear majority of over 99% of the noteholders of Ekosem-Agrar AG, the German holding company of Russian milk producer EkoNiva Group, voted in favor of the restructurings of the Ekosem-Agrar AG bonds 2012/2022 (ISIN: DE000A1R0RZ5; ESA bond 2012/2022) and 2019/2024 (ISIN: DE000A2YNR08; ESA bond 2019/2024). The noteholders were asked to vote on the appointment of e.Anleihe GmbH as Joint Representative of the ESA bond 2012/2022 as well as on the countermotion submitted by the newly formed noteholders’ advisory committee, which the company had already endorsed in the run-up to the meetings. The political and economic developments since the end of February 2022, including the sanctions against Russia as well as the Russian counter-sanctions, had forced the company to hold meetings to have its noteholders vote on the amendment of the terms and conditions of its two corporate bonds. The final resolutions essentially comprise a reduction in the interest rates to 2.5% p.a. and a maturity extension by five years each. However, the difference between the original interest rate and the reduced interest rate of 2.5% will be paid out at maturity in addition to the nominal repayment amount. If the company repays the respective bond earlier than the new maturity date, this payment will be reduced in three steps; this is intended to provide an incentive to the company to repay the bonds early. For the reduced interest rate of 2.5%, there is a deferral arrangement involving the Joint Representative and the members of the noteholders’ advisory committee. With regard to the repayment option in the event of a change of control, the quorum for the effectiveness of the exercise of the option was increased to 51%. Moreover, the noteholders appointed the Joint Representative for the bond 2019/2024, e.Anleihe GmbH, also for the bond 2012/2022. Stefan Dürr, Chairman of the Management Board and main shareholder of Ekosem-Agrar AG: "We are very pleased that, together with our noteholders, we have found a mutually satisfactory solution to amend the terms and conditions of our bonds. We would like to express our sincere thanks for the trust placed in us, the support and the willingness to engage in dialog over the past weeks. Many of you have been with us for many years and I would be pleased if you would stay loyal to our company." Wolfgang Bläsi, CFO of Ekosem-Agrar AG: "Thanks to the extensive and active dialog with the noteholders, we reached a broad consensus for amending the terms and conditions of the bonds together with the Joint Representative and the noteholders’ advisory committee. We have thus created a solid basis for remaining able to act in these uncertain times and to act as a reliable capital market player, as we have done in the past ten years since we issued our first bond." About Ekosem-Agrar Ekosem-Agrar contact
31.05.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
Language: | English |
Company: | Ekosem-Agrar AG |
Johann-Jakob-Astor-Str. 49 | |
69190 Walldorf | |
Germany | |
Phone: | +49 (0)6227 358 59 33 |
Fax: | +49 (0)6227 358 59 18 |
E-mail: | info@ekosem-agrar.de |
Internet: | www.ekosem-agrar.de |
ISIN: | DE000A1MLSJ1, DE000A1R0RZ5 |
WKN: | A1MLSJ, A1R0RZ |
Listed: | Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
EQS News ID: | 1365385 |
End of News | DGAP News Service |
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1365385 31.05.2022