Tresu gains consents to amend bonds to extend term two years

By Mary Katherine Stinson

Lexington, Ky., Dec. 21 – Tresu Investment Holding A/S announced the results of its written procedure seeking consents from noteholders to amend the terms of its bonds maturing on Jan. 2, 2025 (ISIN: DK0030404967), according to a company news release.

The company reported that a quorum was received and a majority of not less than 66 2/3% of the adjusted nominal amount replied to the written procedure voting in favor of the proposal.

The proposal will be deemed approved as of Dec. 21, which is the first day on which the quorum requirements for the written procedure were satisfied and the requisite majority consents were received.

The terms and conditions will be amended and restated to reflect the proposal’s approval promptly following the satisfaction of the precedent conditions. Each of the conditions has been or is expected to be satisfied prior to Dec. 29, being the last permitted date.

The amendments approved the extension of the bonds’ maturity date two years to Jan. 2, 2027.

Further, the amendments provide that the interest payment will be made subject to a minimum available liquidity and to provide that no payments of dividends on shares, repurchases of shares, redemption of share capital or other restricted equity with repayment to shareholders, payment of subordinated debt or management fees or other distributions to direct or indirect shareholders may be made by the company.

Also, a bondholders committee will be established to accept amendments, waivers and changes to the terms and conditions and approve an exit, i.e., a formal sales process of Tresu A/S.

The amendment provides that after repayment and cancellation of the super senior revolving facility, the issuer would be required to redeem the bonds in full or in part at 103 for an amount equal to any exit proceeds upon receipt of such proceeds. The issuer will be permitted to redeem any bonds outstanding after the exit proceeds reduction at a price below par, as approved by the bondholders’ committee.

Changes will also be made to the intercreditor agreement to amend the definitions of super senior headroom and shareholder dent to allow for a super senior term loan facility and to allow for the establishment of a super senior increase.

At the written procedure’s launch, the issuer said it had undertakings to vote in favor of the proposal from holders of €41.03 million of the bonds, representing 70.89% of the adjusted nominal amount.

Dec. 13 was the record date.

Even though the proposal was approved by bondholders, the terms and conditions and the intercreditor agreement will not be amended and restated unless the maturity date of the issuer’s DKK 112 million multicurrency revolver with Nykredit Bank A/S is extended to at least Nov. 30, 2026, Tresu A/S' guarantee facility with Nykredit Bank A/S has been extended to at least Nov. 30, 2026 and a new super senior term loan facility of up to DKK 75 million has been established.

Nordic Trustee A/S is the bondholders’ agent.

Based in Denmark and majority owned by private equity fund Altor, Tresu is a company offering flexo printing machines and ancillary products.

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