GIGROUP: strona spółki
24.01.2020, 20:04
WSE Completion of negotiations with the Company’s bondholders regarding the business conditions for the reduction of the bondholders’ claims against the Company.
The Management Board of Work Service S.A. (hereinafter: ‘the Issuer’ or ‘the Company’) - with reference to the current report No. 1/2020, on the subject of the beginning of the advanced negotiations with i.a. the Issuer’s bondholders, regarding in particular conditions for delays, repayment or redemption of part of their claims, informs that today it received information about the positive conclusion of negotiations of key business conditions of a possible transaction with Issuer’s bondholders (‘Bondholders’) entitled from issued by the Company W series bonds, X series and Z series with maturity date 29/05/2020 and total nominal value PLN 35,250,000.00 (‘Bonds’).
Under the negotiated conditions referred to above, all Bondholders, obtained internal consent regarding the possible sale of their Bonds as part of the transaction between the Company and an international investor (‘Investor’), assuming 70% discount (or redemption) of the amount of the debt, provided i.a., receiving a one-off payment in the amount of 30% of the value of the debt under Bonds, i.e. PLN 10,575,000.00 after the transaction with the Investor. The Issuer’s Management Board will conduct further negotiations with the Bondholders on the arrangement of the final transaction documentation regarding the sale of the Bonds on established terms (‘Further Negotiations’). The Management Board of the Issuer also informs that a potential transaction with Bondholders on the terms described above may occur in connection with the investment being considered by the Investor and completion of Further Negotiations is one of the few conditions for the transaction with the Investor. The Company will inform about separate fulfillment of subsequent conditions in separate current reports. As a result of the analysis, the Issuer has determined that it is justified to classify the above information as confidential information within the meaning of art. 17 sec. 1 MAR, subject to publication in the form of this report.
Under the negotiated conditions referred to above, all Bondholders, obtained internal consent regarding the possible sale of their Bonds as part of the transaction between the Company and an international investor (‘Investor’), assuming 70% discount (or redemption) of the amount of the debt, provided i.a., receiving a one-off payment in the amount of 30% of the value of the debt under Bonds, i.e. PLN 10,575,000.00 after the transaction with the Investor. The Issuer’s Management Board will conduct further negotiations with the Bondholders on the arrangement of the final transaction documentation regarding the sale of the Bonds on established terms (‘Further Negotiations’). The Management Board of the Issuer also informs that a potential transaction with Bondholders on the terms described above may occur in connection with the investment being considered by the Investor and completion of Further Negotiations is one of the few conditions for the transaction with the Investor. The Company will inform about separate fulfillment of subsequent conditions in separate current reports. As a result of the analysis, the Issuer has determined that it is justified to classify the above information as confidential information within the meaning of art. 17 sec. 1 MAR, subject to publication in the form of this report.