Last updateWed, 17 Jul 2024 6pm

Fortaco Group announces the successful completion of its Written Procedure to waive certain terms under the terms and conditions of the Bonds and certain security agreements

Fortaco Group Holdco Plc (the "Company") today announces the successful completion of the written procedure (the "Written Procedure") that was initiated on 10 May 2024 in relation to the Company's outstanding senior secured bonds due 2027 with ISIN NO0012547274 (the "Bonds"), regarding waiving certain terms under the terms and conditions of the Bonds and certain security agreements relating to, inter alia, the Bonds, as specified in the notice of Written Procedure dated 10 May 2024 (the "Proposal"). The last time and day for the holders of the Bonds (the "Bondholders") to vote in respect of the Proposal was 15.00 (CEST) on 27 May 2024.

In the Written Procedure, a sufficient number of Bondholders participated in order to form a quorum, and a requisite majority of the Bondholders voted in favour to approve the Proposal, i.e. (i) carrying out a divestment of the shares in Fortaco Zrt with a transaction structure consisting of inter alia: (A) converting certain group internal loans granted to Fortaco Zrt to equity contributions, (B) the Group acquiring certain equipment and giving Fortaco Zrt the right to use such equipment, without any compensation, while retaining full ownership until equipment is paid by Fortaco Zrt to the Group in full and (C) the granting of certain long-term loans to Fortaco Zrt, (ii) releasing the transaction security over seven real estate properties located in Finland for the purposes of facilitating a disposal of such properties, (iii) an asset sale whereby Fortaco Oy (being an obligor and subject to transaction security) will dispose of all or a substantial part of its assets, and (iv) carrying out certain mergers between members of the Group, in each case on the principle terms and as further described in more detail in the notice of the Written Procedure.

The waivers in respect of the Proposal shall be effective as per 27 May 2024.


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