BEWI ASA announces intention to issue new unsecured floating rate sustainability-linked bonds09-08-2021
BEWI ASA announces intention to issue new unsecured floating rate sustainability-linked bonds
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES (INCLUDING ITS TERRITORIES AND POSSESSIONS) OR TO ANY U.S. PERSON (AS DEFINED IN REGULATION S OF THE UNITED STATES SECURITIES ACT OF 1933), AUSTRALIA, JAPAN, CANADA, NEW ZEALAND, SOUTH AFRICA, HONG KONG, SWITZERLAND, SINGAPORE, UNITED KINGDOM OR ANY OTHER JURISDICTION WHERE SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL OR REQUIRE REGISTRATION OR ANY OTHER MEASURES.
Subject to BEWiSynbra Group AB (publ) (a wholly owned subsidiary of BEWI ASA) (“BEWiSynbra”) obtaining approval from holders of its up to EUR 100,000,000 Senior Secured Floating Rate Notes due 2022 (ISIN: SE0010985556) and its up to EUR 115,000,000 Senior Secured Floating Rate Notes due 2023 (ISIN: SE0013409455) (collectively referred to as the “Bonds”) to add an option for refinancing the Bonds in full before their respective final maturity date, BEWI ASA intends to refinance the Bonds by issuing new senior unsecured floating rate sustainability-linked bonds in an aggregate amount of up to EUR 160,000,000 under a framework of up to EUR 250,000,000 (the “New Bonds”).
The intended refinancing reflects BEWI’s solid strategic growth outlook, including both organic growth initiatives and attractive M&A opportunities. The contemplated issue of new sustainability-linked bonds and increase of existing revolving credit facilities, as well as extended maturity profile, will allow for further financial flexibility to pursue these growth opportunities.
Written Procedures in respect of the Bonds
BEWiSynbra has today instructed the agent, Nordic Trustee & Agency AB (publ), to initiate written procedures for its outstanding Bonds (the “Written Procedures”), for the purpose of seeking approval from the holders of the Bonds (the “Bondholders”) to amend the terms and conditions of each Bond (the “Terms and Conditions”) to include an option for refinancing the Bonds in full before their respective final maturity date. Further details regarding the Written Procedures can be found in the separate press release published by BEWiSynbra on the date hereof.
Contemplated issue of New Bonds
Upon the consent of the Bondholders to amend the Terms and Conditions as set out in the notices of the Written Procedures, BEWI ASA intends to, subject to market conditions, refinance the Bonds by issuing senior unsecured floating rate sustainability-linked bonds, with an expected tenor of 5 years in an aggregate amount of up to EUR 160,000,000 under a framework of up to EUR 250,000,000.
The net proceeds from the bond issue will be used for refinancing the outstanding Bonds and general corporate purposes. As part of the refinancing, BEWI also contemplates to refinance its existing SSRCF with a new SSRCF as well as increase the amount. The contemplated refinancing is to improve financial flexibility and extend the maturity profile allowing BEWI to continue to pursue its growth trajectory.
Nordea Bank Abp has been appointed as solicitation agent in relation to the Written Procedure.
Carnegie AS, DNB Markets, a part of DNB ASA and Nordea Bank Abp have been mandated as joint bookrunners with respect to BEWI ASA’s contemplated issue of New Bonds.
Please note that although BEWiSynbra intends to implement the amendments as proposed pursuant to the Proposal, and BEWI ASA thereafter intends to issue the New Bonds, including taking the indicated measures associated with such issue, they have no obligation to do so even if the Proposal is approved by the Bondholders.
For further information, please contact:
Charlotte Knudsen, Director of IR and Communications BEWI ASA, tel: +47 975 61 959
Marie Danielsson, CFO BEWI ASA, tel: +46 70 661 0047
About BEWI ASA
BEWI ASA is an international provider of packaging, components, and insulation solutions. The company's commitment to sustainability is integrated throughout the value chain, from production of raw materials and end goods, to recycling of used products. With a vision to protect people and goods for a better every day, BEWI is leading the change towards a circular economy.
BEWI ASA is listed at the Oslo Børs under ticker BEWI.
The information is such that BEWI ASA is required to disclose in accordance with the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:50 CEST on 9 August 2021