STOCKHOLM, April 7, 2022 /PRNewswire/ -- Quant AB (publ) ("Quant") announces that, pursuant to the written procedure initiated on 24 March 2022 in respect of its up to EUR 120,000,000 Senior Secured Floating Rate Bonds with ISIN: SE0010663260 (the "Senior Bonds"), the requested initial extension to the maturity date and further amendments to the terms and conditions of the Senior Bonds (the "Terms and Conditions") have been approved.
The quorum and majority requirements required to approve the Proposals as set out in the notice of written procedure dated 24 March 2022 (the "Notice") have been met. Subject to the satisfaction of the Conditions Precedent (as defined in the Notice) the Terms and Conditions will, inter alia, be amended as follows:
1. Interim Amendment:
i. an extension of the term of the Senior Bonds by three months (from 15 February 2023 to 15 May 2023); and
2. Final Amendments:
i. an extension of the term of the Senior Bonds by an additional two years and six months (from 15 May 2023 to 15 November 2025);
ii. an amendment to the change of control clause to allow Permira Credit to become the new majority owner of Quant;
iii. a correction of wording to enable non-wholly owned subsidiaries to make pro-rata distributions to group companies and joint venture partners;
iv. insertion of an undertaking to extinguish the junior bonds; and
v. an update to the call structure as a consequence of the proposed extension of the term of the Senior Bonds.
The Interim Amendment will become effective upon satisfaction of the Interim Conditions Precedent (as defined in the Notice) including, inter alia, confirmation of the continued validity of the existing security and guarantees (expected to be on or around 14 April 2022). The Final Amendments shall become effective upon satisfaction of the Final Conditions Precedent (as defined in the Notice) including, inter alia, the investment by way of equity of EUR 10 million in cash to Quant from Permira Credit.
A further description of the changes to the Terms and Conditions and the conditions to their effectiveness is contained in the Notice.
The payment of the Base Fee and the Early Voting Fee (both as defined in the Notice) is conditional upon satisfaction of the Final Conditions Precedent.
Pareto Securities AS has assisted Quant as debt advisor in the process.
Stockholm, 7 April 2022
Quant AB (publ)
For further information, please contact:
Tomas Rönn, CEO: +46 720 92 11 20
André Strömgren, CFO: +46 708 410 796
E-mail: ir@quantservice.com
Quant AB (publ) is a global leader in industrial maintenance. For over 30 years, we have been realizing the full potential of maintenance for our customers. From embedding superior safety practices and building a true maintenance culture, to optimizing maintenance cost and improving plant performance, our people make the difference. We are passionate about maintenance and proud of ensuring we achieve our customers' goals in the most professional way. The group operates internationally in close to 20 countries world-wide, employing 2,500 people. The parent company is located in Stockholm, Sweden.
Quant AB (publ) is privately held by Nordic Capital since 2014. For additional information about the group, please visit www.quantservice.com.
This information is information that Quant 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 17:30 CET on 7 April 2022.
NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR ANY JURISDICTION IN WHICH THE PUBLICATION, DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE.
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/quant-ab/r/quant-receives-consent-from-the-bondholders-to-the-proposed-amendments-to-its-senior-bonds,c3542526
The following files are available for download:
https://mb.cision.com/Main/17752/3542526/1561562.pdf | Written Procedure - Notice of results |
