ESPG AG / DE000A2NBY22
16.02.2024 - 20:45:18ESPG AG invites bondholders of the 2018/2026 bond to vote on the suspension of the total LTV covenant as a precautionary measure
| EQS-Ad-hoc: ESPG AG / Key word(s): Bond 16-Feb-2024 / 20:45 CET/CEST Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. Cologne, 16 February 2024: The Management Board of ESPG AG ("ESPG" or "Company") has decided today to request the holders of the 2018/2026 bond to vote in a resolution without a bondholders' meeting. The background to this is a possible breach by the Company of the obligation under Section 11(1) of the terms and conditions of the Bonds, according to which the Company must ensure that the total LTV of the ESPG Group on a consolidated basis does not exceed the total LTV within the meaning of the terms and conditions of the bond ("Total LTV Covenant") on any reporting date. The relevant comparative value is set at 75% as of 31 December 2023, 70% as of 31 December 2024 and 65% as of 31 December 2025 in Section 11(1) of the terms and conditions of the bond. According to the currently available, but still preliminary valuation and calculation bases, the Management Board assumes that the total LTV as at 31 December 2023 was 74.3% and that the total LTV covenant was therefore met. However, as this preliminary value is only just below the relevant comparative value and changes or adjustments to the valuation and calculation bases may still be made during the audit of the financial statements, it cannot be ruled out that the comparative value of 75% as at 31 December 2023, which must be complied with, will ultimately be exceeded. As a precautionary measure, the Management Board has therefore decided to ask the holders of the 2018/2026 bond to approve the suspension of the total LTV covenant as at the reporting date of 31 December 2023. The vote without a meeting will take place in the period from 18 to 20 March 2024. A corresponding invitation to bondholders to cast their votes is expected to be published on the company's website on 19 February 2024 and in the Federal Gazette on 20 February 2024. In addition to the suspension of the total LTV covenant as of 31 December 2023, the company proposes to the bondholders to grant the joint representative of the bondholders the authority to approve a (renewed) suspension of the total LTV covenant vis-à-vis the issuer for 2024 and 2025 if necessary. In addition, as a precautionary measure, a possible increase in the volume of the 2018/2026 bond by 20% of the currently outstanding total nominal amount at a price of at least 95% of the nominal amount in accordance with Section 11(5)(c) of the bond terms and conditions is to be approved in order to provide the company with financial flexibility. The invitation to vote will also contain proposals by the issuer for further amendments to the terms and conditions of the bonds. Important information This publication may not be published, distributed or transmitted in the United States of America, Canada, Australia, New Zealand or Japan. It contains neither an offer nor a solicitation of an offer to sell, purchase or subscribe for securities. End of Inside Information 16-Feb-2024 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.eqs-news.com |
| Language: | English |
| Company: | ESPG AG |
| Kleingedankstraße 11a | |
| 50677 Köln | |
| Germany | |
| Phone: | +49 (0)22180149800 |
| Internet: | https://espg.space |
| ISIN: | DE000A2NBY22 |
| WKN: | A2NBY2 |
| Listed: | Regulated Unofficial Market in Dusseldorf, Frankfurt |
| EQS News ID: | 1839415 |
| End of Announcement | EQS News Service |
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1839415 16-Feb-2024 CET/CEST
