Tresu seeks consents to amend bonds to adjust terms, extend term

Chicago, Oct. 20 – Tresu Investment Holding A/S is soliciting consents from noteholders to amend the terms of its bonds currently maturing in September 2022 (ISIN: DK0030404967), based on a company news release.

Tresu would like to extend the maturity date an additional 27 months to Jan. 2, 2025.

The redemption price at maturity would be increased to 103 plus interest, from par.

Any voluntary redemption by the issuer would be subject to adjusted redemption prices. If Tresu redeems the bonds before Sept. 29, 2022, the bonds would be redeemed at par. After Sept. 29, 2022 but before Sept. 29, 2023, the bonds would be redeemed at 101.5. Starting Sept. 29, 2023 until the new maturity date, the bonds would be redeemed at 103.

Tresu also would like to amend the definition of “permitted debt” in the terms and conditions to permit up to Kr 50 million in a guaranteed facility agreement with one or more financial institutions.

Annual reporting would follow three months, instead of two months, after the end of the quarter ending Dec. 31 each year under the amendments.

The issuer is also seeking a waiver to the provisions in the terms and conditions where the issuer is allowed to purchase bonds, but not cancel them. This would allow for the cancellation of €12,122,500 principal amount of notes owned by Altor TB AB. Altor would transfer the bonds to the parent company, who would contribute the bonds to the issuer as an equity contribution.

If the proposal is approved, Tresu will pay to all registered bondholders €500 for each €100,000 in nominal amount of bonds.

Even if the proposal is approved by bondholders, the terms and conditions will not be amended and restated unless the maturity date of the company’s Kr 112 million multicurrency revolving credit agreement with Nykredit Bank A/S is extended to at least Nov. 30, 2024 and the guaranteed facility agreement has been granted. Additionally, a condition of the enactment of the amendments is that all transaction costs, including the bondholder fee, have been paid by the indirect shareholders of the issuer.

Bondholders representing €37,355,000 of the bonds, or 64.54% of the adjusted nominal amount, have agreed to vote in favor.

The consent deadline is 11 a.m. ET on Nov. 9.

Payment of the bondholder fee, if there is majority approval, would be paid within 15 business days after the majority approval date.

Danske Bank A/S (liabilitymanagement@danskebank.dk) and Nykredit Bank A/S (liabilitymanagement@nykredit.dk) are the solicitation agents.

Based in Denmark and majority owned by private equity fund Altor, Tresu is a company offering flexo printing machines and ancillary products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.