DGAP-Ad-hoc: Swedish ATP Management AB (publ) / Key word(s): Bond
Swedish ATP Management AB (publ): Disclosure of inside information according
to Article 17 of the EU Market Abuse Regulation No 596/2014
16-Jun-2020 / 18:00 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation
(EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
*Disclosure of inside information according to Article 17 of the **EU Market
Abuse Regulation No 596/2014*
*PRESS RELEASE*
Swedish ATP Management AB (publ) (the "company") has, by its ultimate
owners, been informed that the bondholder committee, LUSAT AIR S.L. (Spain)
("LUSAT") and the minority shareholders of West Atlantic AB have reached an
agreement in principle with respect to _inter alia_ the sale of the company
and a write down and repayment of its bonds.
Reference is made to the company's SEK 517,178,250 senior secured callable
fixed rate bonds 2019/2022 with ISIN SE0012930089 (the "Bond") which are
listed on the Frankfurt Open Market.
As communicated in the press release made on 29 May 2020, the owners of the
company (_i.e._, the bondholders represented by the bondholder committee,
representatives of certain larger bondholders as appointed in connection
with the restructuring of West Atlantic AB's bond in 2019), LUSAT and the
minority shareholders of West Atlantic (who were the shareholders of West
Atlantic prior to the restructuring of West Atlantic's bond) (together, the
"Parties") have been in discussions with the aim to reach an agreement in
order to, _inter alia_, solve the company's financial difficulties.
The company, which has not taken part in any discussions or negotiations in
respect thereof, has today by its ultimate owners, been informed that the
Parties have reached an agreement in principle with the below main terms and
conditions (subject to a final master transfer agreement formalising the
agreement between the Parties).
· All cash in the company (estimated to approximately MSEK 20) less
transaction costs will be used for partial prepayment of the Bond.
· LUSAT will acquire the shares in the company for SEK 1.
· LUSAT will acquire the remaining approximately 49 per cent of the shares
in West Atlantic AB.
· By acquiring the shares in the company, LUSAT will indirectly take over
the payment liability of the debt under the Bond which will be written
down to SEK 300 million. The terms and conditions of the Bonds will be
substantially simplified.
· The company will pay SEK 295-300 million to the bondholders in three
payment instalments according to the following:
· SEK 100 million will be paid on 30 June 2021;
· SEK 100 million will be paid on 30 June 2022; and
· SEK 95 or 100 million will be paid on 30 October 2022.
On the third instalment, the company will have the option to (i) pay SEK 100
million, or (ii) pay SEK 95 million and share with the bondholders any
possible upside on the divestment of the company's ATP-fleet up to SEK 20
million.
· As security for company's payment liability under the restructured Bond,
LUSAT will provide a parent company guarantee and the owner and one other
individual representing LUSAT will provide personal guarantees.
· The Bond will be de-listed from the Frankfurt Open Market.
· The Parties will waive any claims that they may have against each other.
A master transfer agreement formalising the agreement in principle will be
entered into between the Parties as soon as possible. The agreement and all
transactions and actions related thereto will be subject to the bondholders'
approval in a written procedure.
More information in relation to the Parties' agreement and the time schedule
will be provided in the notice to the written procedure that will be made
available by the company at the latest in July. Closing of the transaction
is estimated to occur in August 2020.
For further information, please contact:
Stefan Sundberg, CEO
Telephone: +46 70 558 58 65
E-mail: stefan@atpcargo.com
_This information is information that Swedish ATP Management AB (publ) 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 2020-06-16, 18.00 CEST._
*About Swedish ATP Management*
Swedish ATP Management is a newly established asset management company
dedicated to manage the BAE ATP (Advanced Turboprop) the most cost efficient
cargo aircraft in its segment (8 ton in both metric volume and payload). We
aim to increase ATP operations and utilization through our provided
services.
Swedish ATP Management AB (publ) reg. no.: 559204-4084, Box 5433, SE-402 29
Gothenburg, Sweden, www.atpcargo.com
16-Jun-2020 CET/CEST The DGAP Distribution Services include Regulatory
Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de
Language: English
Company: Swedish ATP Management AB (publ)
Box 5433
40229 Göteborg
Sweden
Phone: +46 70 558 58 65
E-mail: stefan@atpcargo.com
ISIN: SE0012930089
WKN: A19NPH
Listed: Regulated Unofficial Market in Frankfurt
EQS News ID: 1071549
End of Announcement DGAP News Service
1071549 16-Jun-2020 CET/CEST
(END) Dow Jones Newswires
June 16, 2020 12:00 ET (16:00 GMT)
