AS Pro Kapital Grupp initiates a written procedure to amend the terms and conditions of its senior secured bonds

Pro KapitalAS Pro Kapital Grupp (“Pro Kapital”) announces that the company initiates a written procedure (the “Written Procedure”) among the holders of its senior secured bonds 2020/2024 with ISIN SE0013801172 (the “Bonds”) to request the holders to approve a minor amendment of the terms and conditions of the Bonds.

As further detailed in the notice of Written Procedure, Pro Kapital asks the holders to approve a technical amendment of the maintenance test definition, only in respect of its German hotel operations. The amendment is proposed in order to enable Pro Kapital’s German hotel operating subsidiary to incur an unsecured 3% loan up to EUR 500,000 from the German Government offered to alleviate the post-COVID19 recovery. As a result of the COVID19 outbreak and local restrictions set by the German Government, the group’s PK Parkhotel Kurhaus in Bad Kreuznach has been closed since 21 March 2020 and is planned to reopen on 1 July 2020. Pro Kapital deems a low-interest government loan would be beneficial for the recovery of its hotel business when restarting operations.

The notice of Written Procedure, including the proposed amendment and detailed information regarding the voting procedure, will be available at the company’s website (www.prokapital.com) and on Stamdata (www.stamdata.com).

Pro Kapital has today also instructed Nordic Trustee & Agency AB (publ), being the agent under the Bonds, to send the notice of Written Procedure to holders directly registered in the company’s debt ledger held with Euroclear Sweden in order to receive holders’ approval to amend the terms and conditions for the Bonds as described in the notice of Written Procedure.

For questions regarding the administration of the Written Procedure the bondholders may contact the agent at voting.sweden@nordictrustee.com or +46 8 783 79 00. For other questions, please contact Pro Kapital using the contact details set forth below.

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