Jøtul AS initiates a written procedure and provides a financial update
27 Mayo 2024 - 3:00AM
Jøtul AS initiates a written procedure and provides a financial
update
Jøtul AS initiates a written procedure
and provides a financial update
Jøtul AS (the "Issuer", and
together with its subsidiaries, the "Group") has
instructed the agent for the Issuer's up to NOK 600,000,000 senior
secured floating rate bonds with ISIN NO0013106666 (the
"Bonds") to initiate a written procedure to
request that bondholders vote in favour of amending and waiving
certain provisions under the terms and conditions of the Bonds,
including, but not limited to, the obligation to comply with the
maintenance covenant during 2024 and the obligation to publish the
Group's consolidated audited financial statements for the financial
year 2023 as well as the Group's interim unaudited consolidated
report for the financial quarter ending on 31 March 2024 (the
"Proposal") (the "Written
Procedure"). The full details of the Proposal are included
in the notice to the Written Procedure.
As compensation to the holders of the Bonds for
approving the Proposal, the Company will pay a consent fee in an
amount equal to 2.50 per cent. of the nominal amount of each Bond,
subject to the conditions set out in the notice to the Written
Procedure.
In conjunction with the Written Procedure, the
Issuer also provides financial updates. As of Q1 2024, the Issuer
expects pro forma net sales of NOK 267.6 million and pro forma adj.
EBITDA of NOK -17.3 million. For the full year 2024, the Issuer
expects NOK 1,454.2 million in pro forma net sales and NOK 160.6
million in pro forma adj. EBITDA.
The notice to the Written Procedure will be
delivered to all bondholders through the CSD on 28 May 2024 and
will also be available on the Company's investor website
(https://jotulgroup.com/bonds). The last day for voting in the
Written Procedure is 20 June 2024.
For further information, please contact:
Jøtul ASNils Agnar BrunborgTel:
+47 906 05 578E-mail: Nils.Brunborg@jotul.no
Jøtul is one of the world’s oldest producers of
stoves, inserts and fireplaces. Building on a proud Norwegian
heritage, Jøtul combines fine craftsmanship with the art of coping
with the cold for 170 years. Jøtul is headquartered in Fredrikstad,
Norway and features five prominent brands, being Jøtul, Scan, Ild,
Ravelli and Atra, and proudly sells to 45 countries around the
world.
This is information which Jøtul AS 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 10:00 CEST on 27 May 2024.
- Press release re written procedure - May 2024