Jotul AS announces the successful completion of its Written Procedure to waive certain terms under the terms and conditions of the Bonds
June 20 2024 - 9:00AM
Jotul AS announces the successful completion of its Written
Procedure to waive certain terms under the terms and conditions of
the Bonds
Jøtul AS announces the successful
completion of its Written Procedure to waive certain terms under
the terms and conditions of the Bonds
Jøtul AS (the "Issuer", and
together with its subsidiaries, the "Group") today
announces the successful completion of the written procedure (the
"Written Procedure") that was initiated on 27 May
2024 in relation to the Issuer's outstanding senior secured
floating rate bonds due 2026 with ISIN NO0013106666 (the
"Bonds"), regarding waiving certain terms under
the terms and conditions of the Bonds, as specified in the notice
of Written Procedure dated 27 May 2024 (the
"Proposal"). The last day for the holders of the
Bonds (the "Bondholders") to vote in respect of
the Proposal was on 20 June 2024.
A sufficient number of Bondholders participated
in the Written Procedure in order to form a quorum, and a requisite
majority of the Bondholders voted in favour to approve the
Proposal, i.e. including, but not limited to, waiving the
obligation to comply with the maintenance covenant during 2024 and
the obligation to publish the Group's consolidated audited
financial statements for the financial year 2023 as well as the
Group's interim unaudited consolidated report for the financial
quarter ending on 31 March 2024.
The Issuer will pay the consent fee set out in
the notice of Written Procedure to the eligible Bondholders
amounting to 2.50 per cent of the nominal amount per Bond (the
"Consent Fee"). The Consent Fee will be payable to
all persons who are registered as a direct registered owner or
authorised nominees in the record kept by the Central Securities
Depository (the "CSD") on 3 July 2024 and the
payment of the Consent Fee will be made on 5 July 2024 through the
CSD’s account based system.
The waivers in respect of the Proposal shall be
effective as per 20 June 2024.
For further information, please contact:
Jøtul ASNils Agnar BrunborgTel:
+47 906 05 578E-mail: Nils.Brunborg@jotul.no
This is information which Jøtul AS is obliged to
make public pursuant to the EU Market Abuse Regulation. The
information was submitted for publication, through the agency of
the contact person set out above, at 15:00 CEST on 20 June
2024.
Jøtul is one of the world’s oldest producers of
stoves, inserts and fireplaces. Building on a proud Norwegian
heritage, Jøtul combines fine craftsmanship with the art of coping
with the cold for 170 years. Jøtul is headquartered in Fredrikstad,
Norway and features five prominent brands, Jøtul, Scan, Ild,
Ravelli and Atra, and proudly sells to 45 countries around the
world.
- Press Release re approval of WP (20 June 2024)