DGAP-Adhoc: Swedish ATP Management AB (publ): Disclosure of inside information according to Article 17 of the EU Market Abuse Regulation No 596/2014

2020. június 16., kedd, 18:00





DGAP-Ad-hoc: Swedish ATP Management AB (publ) / Key word(s): Bond


Swedish ATP Management AB (publ): Disclosure of inside information according to Article 17 of the EU Market Abuse Regulation No 596/2014


16-Jun-2020 / 18:00 CET/CEST


Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.


The issuer is solely responsible for the content of this announcement.




Disclosure of inside information according to Article 17 of the EU Market Abuse Regulation No 596/2014



PRESS RELEASE

Swedish ATP Management AB (publ) (the "company") has, by its ultimate owners, been informed that the bondholder committee, LUSAT AIR S.L. (Spain) ("LUSAT") and the minority shareholders of West Atlantic AB have reached an agreement in principle with respect to inter alia the sale of the company and a write down and repayment of its bonds.


Reference is made to the company"s SEK 517,178,250 senior secured callable fixed rate bonds 2019/2022 with ISIN SE0012930089 (the "Bond") which are listed on the Frankfurt Open Market.



As communicated in the press release made on 29 May 2020, the owners of the company (i.e., the bondholders represented by the bondholder committee, representatives of certain larger bondholders as appointed in connection with the restructuring of West Atlantic AB"s bond in 2019), LUSAT and the minority shareholders of West Atlantic (who were the shareholders of West Atlantic prior to the restructuring of West Atlantic"s bond) (together, the "Parties") have been in discussions with the aim to reach an agreement in order to, inter alia, solve the company"s financial difficulties.



The company, which has not taken part in any discussions or negotiations in respect thereof, has today by its ultimate owners, been informed that the Parties have reached an agreement in principle with the below main terms and conditions (subject to a final master transfer agreement formalising the agreement between the Parties).



  • All cash in the company (estimated to approximately MSEK 20) less transaction costs will be used for partial prepayment of the Bond.

  • LUSAT will acquire the shares in the company for SEK 1.

  • LUSAT will acquire the remaining approximately 49 per cent of the shares in West Atlantic AB.

  • By acquiring the shares in the company, LUSAT will indirectly take over the payment liability of the debt under the Bond which will be written down to SEK 300 million. The terms and conditions of the Bonds will be substantially simplified.

  • The company will pay SEK 295-300 million to the bondholders in three payment instalments according to the following:

  • SEK 100 million will be paid on 30 June 2021;

  • SEK 100 million will be paid on 30 June 2022; and

  • SEK 95 or 100 million will be paid on 30 October 2022.

On the third instalment, the company will have the option to (i) pay SEK 100 million, or (ii) pay SEK 95 million and share with the bondholders any possible upside on the divestment of the company"s ATP-fleet up to SEK 20 million.



  • As security for company"s payment liability under the restructured Bond, LUSAT will provide a parent company guarantee and the owner and one other individual representing LUSAT will provide personal guarantees.

  • The Bond will be de-listed from the Frankfurt Open Market.

  • The Parties will waive any claims that they may have against each other.

A master transfer agreement formalising the agreement in principle will be entered into between the Parties as soon as possible. The agreement and all transactions and actions related thereto will be subject to the bondholders" approval in a written procedure.



More information in relation to the Parties" agreement and the time schedule will be provided in the notice to the written procedure that will be made available by the company at the latest in July. Closing of the transaction is estimated to occur in August 2020.



For further information, please contact:

Stefan Sundberg, CEO

Telephone: +46 70 558 58 65

E-mail: stefan@atpcargo.com



This information is information that Swedish ATP Management AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 2020-06-16, 18.00 CEST.



About Swedish ATP Management



Swedish ATP Management is a newly established asset management company dedicated to manage the BAE ATP (Advanced Turboprop) the most cost efficient cargo aircraft in its segment (8 ton in both metric volume and payload). We aim to increase ATP operations and utilization through our provided services.



Swedish ATP Management AB (publ) reg. no.: 559204-4084, Box 5433, SE-402 29 Gothenburg, Sweden, www.atpcargo.com











16-Jun-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de























Language: English
Company: Swedish ATP Management AB (publ)

Box 5433

40229 Göteborg

Sweden
Phone: +46 70 558 58 65
E-mail: stefan@atpcargo.com
ISIN: SE0012930089
WKN: A19NPH
Listed: Regulated Unofficial Market in Frankfurt
EQS News ID: 1071549





 
End of Announcement DGAP News Service




1071549  16-Jun-2020 CET/CEST







fncls.ssp?fn=show_t_gif&application_id=1071549&application_name=news&site_id=geo_holding_tug
Tilos a hír bármilyen adatbázisba történő mentése vagy annak továbbítása harmadik fél számára;kereskedelmi viszonylatban vagy kereskedelmi céllal csak a Deutsche Gesellschaft für Ad-hoc-Publizität mbh írásos engedélyével történhet.

Közzétételek - archívum