Componenta gets holder approval to call €22.3 million notes due 2017

By Toni Weeks

San Luis Obispo, Calif., July 14 – Componenta Corp. said it obtained noteholder approval at a meeting on July 14 to amend the terms of its €22.3 million notes due March 2, 2017, according to a press release by Componenta Oyj.

Clause 5 of the terms and conditions of the notes was amended to allow the notes to be redeemed on any date before maturity. The approved amendments became effective immediately.

Holders had to be of record as of July 7 to vote on the proposal.

At least 20% of the nominal amount of notes had to be represented at the meeting in order to form a quorum.

As previously noted, resolutions that required two-thirds of the votes at the meeting were as follows:

• Waiver of a breach of a special undertaking;

• Amendment of a provision in the terms and conditions of the notes; and

• Decision on the premature termination of the notes.

Measures that required three-quarters of the votes at the meeting were as follows:

• Reduction of the principal amount, interest rate or interest amount;

• Amendment of any payment day for principal or interest amount; and

• Amendment of the provisions in clause 12(e) of the terms and conditions of the notes.

In addition, any matter not covered by the above qualified majority requirements required the consent of noteholders representing more than 50% of the nominal amount.

Componenta is a casting solutions provider based in Helsinki, Finland.

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