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PRFoods extends period to submit buyback offers for 2025 secured notes
By Mary-Katherine Stinson
Lexington, Ky., Sept. 26 – PRFoods AS has extended the period in which noteholders can submit buyback offers for its secured notes due Jan. 22, 2025 (ISIN: EE3300001577), according to a notice.
On Nov. 21, 2022, the company announced a partial buyback of the secured notes up to a maximum of 15%. The buyback period began on Nov. 28, 2022.
With the extension, the amended schedule is as follows:
• The buyback period will now end on Nov. 7;
• Nov. 9 is the allocation fixing date;
• The allocation results will be announced on Nov. 10, or another date close to it; and
• Settlement will be Nov. 13.
The purpose of the extension is to enable noteholders who have not yet submitted an offer to consider participating.
PRFoods also announced that the buyback price per note will be equal to its nominal value plus unpaid interest.
Noteholders who have already submitted their offers do not need to resubmit their offer and the offers will be prolonged automatically.
As previously reported, noteholders passed a resolution at a Sept. 20, 2022 meeting to waive some of the notes’ financial covenants and release some collateral. In a previous February 2022 meeting, approval was reached for the issuer’s subsidiaries to sell all its shareholding in Finnish subsidiary Heimon Kala Oy to facilitate its sale to Finnish Nordic Fish Oy.
PRFoods had said it was continuing to pursue its plan to exit from loss-making units and activities by pivoting away from activities in Finland and investing in its activities in Sweden, where conditions are more favorable for farming.
PRFoods is a food production company based in Tallinn, Estonia.
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