Corrected: OFFICIAL-BRIEF-Bong reaches principle agreement with its lending banks
11/12/2015 09:15
(Corrects sixth bullet point to say that increase in equity would be of about 570 million
crowns not 500 million crowns. Company corrected its own statement)
Dec 11 (Reuters) - Bong AB BOLJ.ST :
* Reaches principle agreement with its lending banks stipulating terms for company's
acquisition of the banks' claims under the current bank facilities
* Payment for the above acquisition will be made through a cash consideration of 195 million
Swedish crowns ($22.93 million) and, further, the banks will subscribe for about 27 million
shares in Bong by way of set-off against part of the claims
* Banks will commit to transfer the shares currently held by the banks, about 23 million,
for free to the bond holders in the contemplated bond issue
* Banks will be entitled to subscribe for 10 million shares in Bong through a directed issue
at a subscription price of 1.00 crown per share
* Says the company is currently in process of raising up to 200 million crowns via senior
secured bond issue to finance repurchase of banks' claims under current bank facilities
* Various measures described above would increase equity by about 570 million crowns
* Says company is on track to achieve its stated target of positive earnings before tax in
2016
Source text for Eikon: ID:nWkrlk2721
Further company coverage: BOLJ.ST
($1 = 8.5049 Swedish crowns)
(Gdynia Newsroom)
((gdynia.newsroom@thomsonreuters.com; +48 58 698 3920;))