SIBS AB (publ) (the "Company") has requested Nordic Trustee & Agency AB (publ), in its capacity as agent under the Company's senior secured floating rate bonds with ISIN SE0023112487 (the "Bonds"), to initiate a written procedure to request the holders of the Bonds to approve a proposed reorganisation of the Group's capital structure and certain amendments to the terms and conditions of the Bonds and related measures. The proposed reorganisation includes, among other things, (i) an equity raise by the Group of not less than SEK 450,000,000 and (ii) a reduction of the aggregate outstanding nominal amount of the Bonds to SEK 633,000,000 through the conversion and write-down described below. The proposed amendments to the terms and conditions of the Bonds include, among other things, provisions reflecting the Conversion and the resulting reduction of the aggregate outstanding nominal amount of the Bonds, a fixed interest rate of 7.50 per cent. per annum, an extension of the maturity date to 31 March 2028, the removal of any maintenance test, restrictions on dividends and other distributions to shareholders until all Bonds have been redeemed in full, added flexibility for the Group to incur indebtedness, and the introduction of three amortisations of SEK 50,000,000 each on 31 January 2027, 31 July 2027 and 31 January 2028.
Subject to implementation of the proposed capital structure reorganisation, the aggregate outstanding nominal amount (including accrued PIK interest up until 30 June 2026) of the Bonds would be reduced to SEK 633,000,000 by way of a partial conversion of the Bonds into a new class of preference shares, the rights of which are set out in the notice of written procedure, for bondholders electing to subscribe for such shares, or, for bondholders not electing to subscribe, by a corresponding write-down, in each case effected pro rata among the Bondholders. The information in this announcement is subject to and qualified by the notice of written procedure.
As separately announced in the press release dated 1 April 2026, the Company has engaged certain holders of the Bonds and has reached an agreement in principle with, and received voting undertakings from, bondholders representing a majority of the adjusted outstanding nominal amount of the Bonds to vote in favour of the request and is thus expecting that the written procedure will be approved.
The notice to the written procedure will be delivered to all holders of Bonds through the central securities depository, Euroclear Sweden AB, and will include additional information for holders of the Bonds to consider, including instructions on how Bondholders may elect to subscribe for the preferred shares and the applicable subscription form. The voting period for the written procedure, and the subscription period for the preferred shares, will run in parallel and end on 10 August 2026. To be eligible to participate in the written procedure, a person must fulfil the formal criteria for being a bondholder on 28 July 2026.
For more information, please contact:
Håkan Brown, Interim CFO, SIBS AB
hb@sibs.se
+46 70-665 77 97
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