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Index Invest gets OK to extend SEK 375 million floaters by six months
By Susanna Moon
Chicago, Nov. 14 – Index Invest International AB, formerly Index Residence AB, obtained the needed consents to amend its SEK 375 million senior secured callable floating-rate bonds and to extend the issue by another six months until May 22, 2019.
There were enough votes to form a quorum, and at least three quarters of the adjusted nominal amount voted in favor of the proposed amendments, according to a notice from agent Nordic Trustee & Agency AB.
The issuer will maintain the right to redeem the notes on the extended maturity date of Nov. 22, 2018.
The notes would be redeemed at an increased amount of 104% of par plus accrued interest.
As amended on April 20, the bond provisions require the issuer to use proceeds from property projects to partially repay the bonds at an amount of at least SEK 50 million, made pro rata at a premium.
The issuer’s property development projects are subject to sales processes and closing has been delayed until after the extended maturity date of Nov. 22, 2018, according to a notice on Oct. 24.
Earlier this year on April 6 the company obtained the needed approval to amend the floaters to extend the maturity date to allow time for expected property sales to close, with the proceeds slated to be used to repay the bonds.
The bonds were due to mature on May 22, and the issuer sought to extend the maturity by six months to Nov. 22, 2018.
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.
The notes were issued May 22, 2014.
The issuer is an independent investment group that invests in, owns, develops, manages and rents properties and is based in Stockholm.
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