Acroud obtains approval from bondholders regarding certain amendments to the terms and conditions of its outstanding senior secured bond loan 2017/2022

Acroud (publ) (“Acroud”) announced on 26 November 2020 that it is, through a written procedure, soliciting approval from holders of its bonds (the “Bondholders”) with ISIN SE0010297572 (the “Bonds”) to make certain amendments to the terms and conditions of the Bonds.

A majority of the voting Bondholders voted in favor of the request to amend the terms and conditions of the Bonds. The Bondholders´ consent to amend the terms and conditions for the Bonds were deemed to be approved as from the expiry of the voting period today, 22 December 2020.

The results of the written procedure will also be sent by regular mail to the Bondholders and be published on the websites of Acroud (www.acroud.com/en/written-procedure-nov2020) and Nordic Trustee & Agency AB (www.nordictrustee.com and www.stamdata.com).

Previous communication per 20th June 2022

Acroud successfully places SEK 225 million of senior secured bonds and initiates early redemption of existing bonds

Acroud AB (publ) (“Acroud” or the “Company”) has, following a book building process, successfully placed SEK 225 million of senior secured floating rate bonds to investors in the Nordics and continental Europe (the “New Bonds”).

The New Bonds will have a tenor of 3 years, carry a floating rate coupon of 3m STIBOR (floored at 50 bps) + 950 bps per annum and were issued at 95.00 per cent of par. Proceeds from the transaction will be used to repay the Company’s outstanding SEK 300 million bond (ISIN: SE0010297572) (the “Existing Bonds”) and for general corporate purposes. As of this press release date, the Company owns SEK 115.5 million out of the total SEK 300 million Existing Bonds.

Acroud also initiates early redemption of the Existing Bonds and will send a redemption notice on 21 June 2022 to all directly registered owners and registered authorised nominees in the debt register for the Existing Bonds kept by Euroclear Sweden as of 20 June 2022. In accordance with the terms and conditions for the Existing Bonds, the Existing Bonds will be redeemed at an amount equal to 103.00 per cent of the outstanding nominal amount plus accrued but unpaid interest on the redemption date which is set to 18 July 2022. The redemption amount will be paid to each person who is registered as an owner of Existing Bonds in the debt register maintained by Euroclear Sweden at the end of business day on 11 July 2022 (the record date). In connection with the redemption, the Existing Bonds will be delisted from Nasdaq Stockholm.

The settlement of the New Bonds will take place on 5 July 2022. The New Bonds are expected to be admitted to trading on Nasdaq Stockholm within 6 months after the issue date and on any regulated market or MTF as soon as practicable.

“We are very pleased to have placed a new bond issue in a period with very uncertain market conditions and would like to express our gratitude to both our existing as well as new bondholders taking part in the transaction. With this financing in place, we are now able to keep delivering on Acroud’s strategic agenda and are excited about the Company’s journey ahead”, comments Robert Andersson, CEO of Acroud.

Pareto Securities acted as lead manager and sole bookrunner, and Gernandt & Danielsson acted as legal advisor in connection with the issuance of the New Bonds.

Downloadable documents: Conditional Notice of Early Redemption 

Previous communication per 26th November 2020

Acroud seeks approval from bondholders regarding certain amendments to the terms and conditions of its outstanding senior secured bond loan 2017/2022

Acroud AB (publ) (“Acroud” or the “Company”) on 26 November 2020 announced that it is, through a written procedure, soliciting approval from holders of its bonds (the “Bondholders”) with ISIN SE0010297572 (the “Bonds”) to make certain amendments to the terms and conditions of the Bonds.

Acroud has requested that Nordic Trustee & Agency AB (publ), acting in its capacity as agent (the “Agent”) for the Bondholders, initiates a written procedure in accordance with the terms and conditions of the Bonds. The purpose of the written procedure is for the Bondholders to grant consent to certain amendments to the terms and conditions of the Bonds (the “Proposal”). The overall objective of the amendments proposed herein is to enable Acroud to (i) issue additional shares without being dependent on the existing main shareholder to participate pro rata and (ii) acquire companies and pay with Acroud shares through issues in kind. The proposed amendments can be found in the notice of written procedure (the “Notice”) which is available on the websites of Acroud (www.acroud.com/investor-relations) and the Agent (www.nordictrustee.com) and (www.stamdata.com).

On 24 November 2020, Acroud completed a directed share issue of 35,294,118 shares at a price of SEK 2.55 per share amounting to approximately SEK 90 million in allocated demand (the “Share Issue”). Acroud received gross proceeds amounting to approximately SEK 75 million through the Share Issue. 5,820,759 shares in the Share Issue was paid for by set-off against SEK 14,842,935 of the Company’s outstanding bonds. The Share Issue decreases Acroud’s leverage and therefore further strengthens the Company’s financial position.

– “We are confident that it is for the benefit of Acroud, as well as the Bondholders, that the Company is able to issue additional shares. The announced acquisitions will increase the earnings capacity and decrease the financial risk in the Company over time”, comment from Robert Andersson, CEO of Acroud.

To be eligible to vote in the written procedure, a Bondholder must on 2 December 2020 be registered in the debt register (Sw. skuldbok) for the Bonds as a direct registered owner (Sw. direktregistrerad ägare) or as an authorised nominee (Sw. förvaltare) with respect to one or several Bonds. The Agent must receive a duly completed voting form no later than 15.00 (CET) on 22 December 2020. The written procedure may be completed in advance if a sufficient number of votes to achieve certainty of outcome have been received before 22 December 2020.

Acroud expects to announce the result of the written procedure no later than 22 December 2020. Following such announcement, a notice of the outcome of the written procedure will also be published on the websites of Acroud and of the Agent.

Downloadable documents: Terms & Conditions