Brief: Nextil's Board Approves Novation Of Terms Of 2019 Convertible Bonds Issue

Nueva Expresion Textil SA

25/10/2023 06:58

Oct 25 (Reuters) - Nueva Expresion Textil SA  NXTE.MC :
    * SAID ON TUESDAY BOARD APPROVED TRANSACTION RELATED TO
DIRECTOR
JUAN JOSE RODRIGUEZ-NAVARRO THAT EXCEEDS 2.5% OF ANNUAL TURNOVER
    * TRANSACTION CONSISTS OF NOVATION OF CERTAIN TERMS,
CONDITIONS,
BASES AND MODALITIES OF 2019 CONVERTIBLE BONDS THAT BOARD
INTENDS TO SUBMIT TO APPROVAL OF GENERAL MEETING OF SHAREHOLDERS
    * JUAN JOSE RODRIGUEZ-NAVARRO IS HOLDER OF 3.8 MILLION
BONDS,
REPRESENTING NOMINAL VALUE OF 2.6 MILLION EUROS AND 29.26% OF
2019 CONVERTIBLE BONDS ISSUE
    * BOARD PROPOSED 2019 CONVERTIBLE BONDS TO HAVE NOMINAL
VALUE PER
UNIT OF 0.35 EUROS, WITH TOTAL ISSUE CONSISTING OF 25.9 MILLION
BONDS
    * EACH BOND TO BEAR INTEREST AT NOMINAL ANNUAL RATE OF 7.5%
PER
ANNUM
    * AS CONSEQUENCE OF NOVATION, EACH BOND WOULD BEAR
ADDITIONAL
NOMINAL ANNUAL INTEREST OF 5% PAYABLE ON FINAL MATURITY DATE IN
SHARES
    * IT PROPOSED TO EXTEND MATURITY OF BONDS UNTIL DATE ON
WHICH
BONDS ARE REDEEMED EARLY OR UNTIL JUNE 17, 2026
    * IT ALSO PROPOSED TO INCLUDE BONUS WHEREBY, FOR AS LONG AS
AVERAGE CLOSING PRICE OF SHARES DURING PREVIOUS 90 DAYS IS BELOW
0.55 EUROS, A BONUS OF 2.5% OF UNCONVERTED OUTSTANDING BALANCE
OF BONDS IS GENERATED IN FAVOUR OF HOLDERS
    * AUDIT COMMITTEE CONSIDERED THAT NOVATION IS IN BEST
INTERESTS OF
CO AND SHAREHOLDERS

        
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