SIBS AB (publ) (the "Company" and together with its direct and indirect subsidiaries (the "Group") has instructed the agent for the Company's senior unsecured bonds with ISIN SE0023112487 (the "Bonds") to initiate a written procedure to request that bondholders vote in favour of certain waivers to the terms and conditions of the Bonds.
The proposed waivers, which have been discussed and agreed with a qualified majority of bondholders, includes (a) a waiver in relation to the tenure requirement set out in paragraph (ii) or (iii) in paragraph (k) in the definition of "Permitted Debt" under the terms and conditions of the Bonds in relation to SIBS SDN BHD ("SIBS Malaysia") incurring new debt under its existing IMTN programme and an existing financing incurred by SIBS Malaysia and (b) a waiver in relation to the volume requirement set out in paragraph (ii) in paragraph (h) in the definition of "Permitted Debt" under the Terms and Conditions so that the Issuer so that the Issuer may continue to have an outstanding volume of commercial papers equal to the outstanding volume on the date hereof (being in a principal amount of MYR 175,000,000), each of which is further described in the notice to the written procedure (the "Proposal").
The Issuer has received voting undertakings from holders of the Bonds representing a qualified majority of the adjusted nominal amount in respect of approving the Proposal (being 75.5 per cent. of the outstanding adjusted nominal amount).
If the Proposal is duly adopted by a requisite majority participating in the written procedure and voting for the Proposal, the Company will pay a consent fee in an amount equal to 0.50 per cent. of the nominal amount of each Bond in accordance with the terms and subject to the conditions specified in the notice of the written procedure.
The agent will deliver the notice of a written procedure to all bondholders on 7 April 2025. The written procedure will end on 28 April 2025. To be eligible to participate in the written procedure a holder must fulfil the formal criteria for being a bondholder on 14 April 2025. This means that the holder must be registered on a securities account with Euroclear Sweden AB as a direct registered owner (Sw. direktregistrerad ägare) or authorised nominee (Sw. förvaltare) with respect to one or several Bonds.
Full details and terms of the proposal are available in the notice of written procedure on the Company's website (https://sibs.se) and on Stamdata (www.stamdata.com).
For more information, please contact:
Johan Dufvenmark, CFO
jd@sibs.se
+46 70-597 43 75
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This information is the kind of inside information that SIBS AB (publ) is obliged to make public in accordance with the EU Market Abuse Regulation and the Swedish Securities Market Act. The information was submitted for publication, through the contact person above, at 4.00 pm CEST on 7 April 2025. |
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SIBS AB was founded in 2016 and is today one of the world's leading modular building manufacturers. With a scalable capacity of up to around 6 000 homes per year, we deliver sustainable, high-quality homes adapted to local conditions. SIBS has the entire integrated value chain for industrial construction within the group – from design and configuration in its own building system, industrial production in its own factories and onsite assembly/finalization. With the help of digitalization and technology, we set a new standard in the construction industry. SIBS bond is listed on Nasdaq Stockholm. Read more at www.sibs.se.
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