Alm Equity gets OK to make buyouts under SEK 600 million of floaters

By Susanna Moon

Chicago, Dec. 2 – Alm Equity AB (publ) obtained the needed consents to amend its SEK 600 million of outstanding maximum senior floating-rate bonds due 2020.

There were enough bondholders to form a quorum at the meeting Friday in Stockholm, and the proposal was passed by the needed two-thirds majority, according to a company announcement.

The amendments became effective on Friday, with settlement set to occur by Dec. 13.

As announced Nov. 15, Alm Equity was soliciting consents to amend the terms of the bonds to boost the company’s financial flexibility in order to make acquisitions.

Holders who sent voting instructions in favor of the proposals before 11 a.m. ET on Nov. 28, the early bird consent date, will receive an early bird consent fee of 0.3%.

Others who gave consents will receive a consent fee of 0.1%.

For the measures to pass, there needed to be a quorum of at least 20% of the adjusted principal amount and a majority of votes for at least two-thirds of the adjusted amount.

To receive the early bird consent fee, holders could not participate in person or via representation by proxy at the meeting, but needed to use the consent voting instruction form, the company previously noted.

Nordea Bank Danmark A/S (+45 6161 2996 or NordeaLiabilityManagement@nordea.com) is the solicitation agent. The paying agent is Nordea Bank AB (publ) (IssuerSeCustodian@nordea.com).

ALM Equity is a real estate development company based in Stockholm.

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