Bondholders’ vote approves precautionary covenant waiver and potential bond increase

ESPG AG: Bondholders’ vote approves precautionary covenant waiver and potential bond increase

Cologne, 21 March 2024: The bondholders of the European Science Park Group, a real estate company specialising in science parks, have almost unanimously approved the precautionary covenant waiver and a potential bond increase with a large majority of over 99.9 % in the written voting procedure. The quorum required for the voting without a meeting was also achieved.

The bondholders resolved to suspend the Total-LTV covenant as of the balance sheet date of 31 December 2023 as a precautionary measure and to delegate the decision on the Total-LTV covenant as of 31 December 2024 to the joint representative of the bondholders, Mr Klaus Nieding. This recognises the volatile market conditions in the real estate sector. In addition, a potential bond increase of up to 20% of the currently outstanding total nominal amount at a price of at least 95% of the nominal amount was approved in order to give the company more financial flexibility.

The resolutions adopted will be published on the ESPG website today and in the Federal Gazette in the coming days.