Africa-focused Amatheon holders agree to swap 2% bonds for stock

By Marisa Wong

Morgantown, W.Va., June 24 – Amatheon Agri Holding NV said its shareholders have approved its debt-to-equity swap of Amatheon Financing BV bonds.

Holders of the 2% €125 million July 2019 bonds had agreed to convert all outstanding bonds into newly issued shares in Amatheon Agri.

On Monday Amatheon Agri shareholders agreed to effect the issuance of new shares in the company’s capital structure, according to a press release.

The bonds are divided into 1,250 notes with a nominal value of €100,000 each, with €93.2 million outstanding.

At the noteholders meeting on June 19, holders agreed to transfer all outstanding notes to a settlement agent, who will then contribute the notes to Amatheon Agri as part of a capital increase against contribution in kind.

Each bondholder is entitled to acquire 527,704 newly issued shares in Amatheon Agri for each €100,000 nominal amount.

The company said shareholders have authorized its management board for a period of 18 months to resolve upon the issuance of up to 491,820,128 shares in the capital of the company to the settlement agent in relation to the debt-to-equity swap and to determine the price and further terms and conditions of that issuance.

Carl Heinrich Bruhn, Amatheon Agri founder and chief executive officer, said in the press release, “We welcome today’s decision of our shareholders to significantly increase the equity of Amatheon Agri.

“Together, we will use the restructured balance sheet to achieve our long-term vision for African agricultural investment. The company can now pursue its production of high value crops and consumer goods with the financial security it needs.”

Berlin-based Amatheon Agri is an agribusiness and food company that operates in sub-Saharan Africa, focusing on farming, trading and food processing.

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