Autocirc Group initiates written procedure in respect of amendments to its Senior Secured Bonds

Autocirc Group AB (publ) (the “Issuer”) has today initiated a written procedure in respect of its maximum SEK 1,500,000,000 Senior Secured Floating Rate Bonds due 2025 with ISIN: SE0017885916 (the “Bonds”). The holders of the Bonds are requested to approve certain amendments to the terms and conditions of the Bonds dated 17 June 2022 (the “Terms and Conditions”).

Background
As announced on 15 December 2022, the ultimate owners of the Issuer have entered into a share purchase agreement with Off the shelf 10249 AB (under change of name to Cidron Turtle BidCo AB), an entity controlled by Nordic Capital (herein referring to, depending on the context, any, or all, Nordic Capital branded funds, vehicles, structures and associated entities advised by the non-discretionary sub-advisory entities referred to as Nordic Capital Advisors), in relation to the purchase of all shares in Autocirc Industriutveckling AB (the direct parent company of the Issuer) (the “Transaction”).

The closing of the Transaction would under the current provisions of the Terms and Conditions accordingly trigger a Change of Control giving Bondholders the right to require repurchase of their Bonds by the Issuer. The Issuer believes that Nordic Capital’s acquisition of the Group is a strong indicator of the strength and future potential of the Group, and has full confidence that the Group will continue to successfully grow its business and meet its payment obligations under the Bonds.

In light of the above, the Issuer has today initiated a written procedure in respect of the Bonds (the “Written Procedure”) requesting the holders of the Bonds to consent to certain amendments to the Terms and Conditions.

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