Changes to the Issue Terms of unsecured bonds of AS Pro Kapital Grupp
22 Septembre 2023 - 1:20PM
Changes to the Issue Terms of unsecured bonds of AS Pro Kapital
Grupp
AS Pro Kapital Grupp (hereinafter referred to as
the Issuer) has issued 3 459 081 unsecured bonds with ISIN
EE3300001676 (hereinafter the Bonds) in the total value of
9 685 426.80 euros. The Bonds bear 8% interest and their
Redemption Date before changing the Issue Terms is 31 October 2024.
The bonds are traded on the Nasdaq Tallinn stock exchange.
The Issuer proposed to the Investors to change
the Issue Terms of the Bonds (disclosed in notice from 20 August
2023). According to the Issue Terms, the Investors’ Resolution to
amend the Issue Terms is deemed to have been adopted if on the last
day of the voting period at least 50% of all votes represented by
the Bonds are in favour of such amendment. The voting period ended
on 20 September 2023 and the majority of Investors has decided to
amend the Issue Terms as follows:
- Section 1.1.18 of the Issue Terms shall be amended as
follows:
“1.1.18. Redemption Date means
31 October 2026, by which date the Issuer shall
redeem all Bonds issued under the Issue Terms. The Issuer may
unilaterally postpone the Redemption Date by two years at most
(i.e. to 31 October 2028) by making a respective
announcement via Nasdaq Tallinn Exchange by 30 September 2026 at
the latest.”
- Section 6.1 of the Issue Terms shall be amended as
follows:
“6.1. The Bonds shall bear a fixed interest at
the rate of 8% (eight per cent) per annum until
31 October 2024 (included) and 9% (nine per
cent) per annum as of 1 November 2024 applied to the outstanding
(i.e. unredeemed) denomination value of the Bonds from, but
excluding, the Value Date of the particular Tranche up to and
including the Redemption Date or the date of Early Redemption.”
According to voting results, the Management
Board of the Issuer has approved the amendments to the Issue Terms
of the Bonds on 22 September 2023. The amended Issue Terms will be
announced and made public via the Nasdaq Tallinn stock exchange,
and also forwarded to the Register.
In relation to the Investors’ decision to amend
Issue Terms as described above, the Issuer will invoke its right to
partial Early Redemption of the Bonds. On 31 October 2024, the
Issuer will redeem 15% of the denomination value of all the Bonds
pro rata (the number of the Bonds will not change) and pay each
Investor 0.42 euros per each Bond. As of 1 November 2024, the new
denomination value of the Bonds will be 2.38 euros per Bond. The
Issuer will announce the decision for Early Redemption and its
exact conditions in a separate notice.
Amended Issue Terms are attached to this
notice.
Edoardo Axel Preatoni Member of the Management Board Tel +372
6144 920 Email: prokapital@prokapital.ee
- PKG.Amended-Unsecured-Bond-Terms_22.09.2023
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