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Index International obtains votes to extend SEK 500 million floaters
By Tali Rackner
Minneapolis, April 20 – Index International AB (publ) obtained the requisite number of noteholder votes to amend its SEK 500 million senior secured callable floating-rate bonds, according to a notice from agent Nordic Trustee & Agency AB (publ).
As previously reported, the company was seeking to amend the bonds by six months to extend the maturity date to allow time for expected property sales – the proceeds of which are slated to be used to repay the bonds – to close.
The bonds will now mature on Nov. 22, 2018.
Index International has several ongoing property development projects in Sweden and the U.S. state of Florida, with three of the Florida projects in the sales process. The sale of its High Ridge Landing project was expected to close sometime this month, while the sales of its Monterey Point and Tarpon Harbour projects are expected to close in June or July.
The issuer said it believes the successful completion of these sales, although not guaranteed, will provide sufficient proceeds to repay the bonds.
During the extension period, the bonds will be callable at 101 from the original maturity date until July 22, then stepping up to 102 until Sept. 22, then to 103 until the extended maturity date.
The issuer would be required to use all net proceeds of at least SEK 50 million from any of the sales of the Florida projects to partially repay the bonds on a pro rata basis at the scheduled premium to par.
Index International offered an early bird consent fee of 0.25% of the represented principal amount of bonds to bondholders who consented to the extension by the early deadline of 12 p.m. ET on April 18.
The amendments are effective as of April 20.
Index is a Stockholm-based international investment group of companies focused on real estate and equity.
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