Idavang bondholders approve €6.5 million cash sweep for redemption

By William Gullotti

Buffalo, N.Y., Sept. 21 – Idavang received approval from holders of the €75 million floating-rate senior secured bonds due 2025 (ISIN: DK0030472618) of a proposal on Sept. 20, according to a press release on Thursday.

The Sept. 6 proposal, which was approved by a margin in excess of two-thirds of the total voting bonds, pertained to applying an amount of €6.5 million as excess cash sweep towards the redemption of bonds no later than 10 days after approval.

As part of the amended terms, that amount will be qualified as an advance payment of future excess cash sweeps whereby Idavang will only be required to carry out excess cash sweeps in future financial years if and when the aggregate amount of free cash flow exceeds €6.5 million.

Nordic Trustee A/S is the bond trustee (mail@nordictrustee.dk).

Idavang is a pork provider and serves customers in the Demark, Lithuania and Russia.

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