STOCKHOLM, January 28, 2022 /PRNewswire/ — OXE Marine AB (Published) (“BEEF“) has today initiated written proceedings to amend and waive certain conditions of its senior secured bonds callable at a fixed rate up to MSEK 200 (or its equivalent in NOK and EUR) with ISIN SE0010831545, SE0010831594 and NO0010815442 ( “Terms of Bonds“). December 22, 2021 (“Transaction“).
The purchase price of $10.8 million in connection with the Transaction will be financed by an in-kind share issue to the selling entity Powersports Plus LLC (an Outdoor Network group company). The share issue is supported by a majority of OXE shareholders, including its principal owners. Both Georgia companies to be acquired by OXE under the Transaction (“American subsidiaries“) will be pledged to the bondholders as security for the performance by OXE of its obligations under the Conditions of the Bond, thus increasing the security of the bondholders. For more information on the Transaction, please refer to the press release release of OXE published on December 22, 2021.
The proposed changes to the Terms of the Bonds mean that (i) the final redemption date of the bonds will be postponed by 30 months to February 15, 2025, (ii) from August 15, 2022, 2% of the quarterly interest will be paid in cash to the bondholders and the remaining interest will be compounded quarterly and added to the nominal amount of the bonds, and (iii) the US Subsidiaries will have the right to enter into a credit facility agreement of up to 5 MUSD , secured by collateral in the inventories of the American Subsidiaries.
The proposed waiver means that OXE will be permitted to create a secondary lien on its commercial mortgages and on the shares of the American subsidiaries in favor of the European Investment Bank (“EIB“).
Subject to the EIB agreeing to extend the maturity date of its outstanding loans to OXE beyond the final redemption date of the bonds (as amended pursuant to OXE’s proposal), the proposed amendments and waiver above will come into effect when the written procedure has been concluded.
Bondholder Scandinavian Credit Fund I AB (publ) agreed to vote in favor of the proposal.
The notice of written procedure will be sent to bondholders by the Intertrust agent (Sweden) AB and is available on OXE’s website (www.oxe-diesel.com) and on the Agent’s website (www.intertrustgroup.com).
This disclosure contains information that OXE Marine AB is required to make public pursuant to the EU Market Abuse Regulation (EU No. 596/2014). The information has been submitted for publication, through the contact person, the 28-01-2022 07:00 CET.
CONTACT:
Certified Advisor
FNCA Sweden AB is a certified advisor for OXE Marine AB (publ). Contact details for FNCA Sweden AB: tel. +46 8 528 00 399, e-mail [email protected]
For more information, please contact:
Anders Berg, President, [email protected], +46 70 358 91 55
OXE Marine AB (publisher) (NASDAQ STO: OXE) has, after several years of development, built the OXE Diesel, the world’s first diesel outboard engine in the high-power segment. The company’s unique patented engine-propulsion power transmission solutions have resulted in strong demand for the company’s engines worldwide.
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SOURCE OXE Marine AB
