DDM obtains holder approval to amend terms of 13% notes due 2016

By Jennifer Chiou

New York, Feb. 18 - DDM Group AG subsidiary DDM Treasury Sweden AB (publ) announced that it has received the needed consents to adopt amendments to the terms and conditions of its SEK 500 million of 13% senior secured notes due 2016.

According to a press release, holders representing 46% of the total outstanding nominal amount participated, and all who voted opted to approve the amendments.

As previously reported, the bonds were issued in June 2013. Under their terms, the proceeds are to be used to acquire distressed consumer debt in Russia and Romania. The amendment extends the geographical scope to include Croatia, Slovenia, Serbia, Montenegro and Hungary.

The holders of at least 20% of the adjusted nominal amount of the notes had to vote in order to form a quorum, and the holders of more than 50% of the bonds for which voting forms are received had to vote in favor of the amendment in order for it to be made.

The agent was CorpNordic Sweden AB (trustee@corpnordic.com).

DDM Group invests in distressed consumer debt in Eastern Europe. The company is based in Baar, Switzerland.

© 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.