Stockmann issues subsequent secured bonds in accordance with the restructuring programme; listing application submitted
STOCKMANN plc, Other information disclosed according to the rules of the Exchange, 27.1.2022 at 14:30 EET
On 18 May 2021, Stockmann plc ("Stockmann" or the "Company") announced an offering of senior secured bonds to certain unsecured creditors of the Company (the "Unsecured Creditors") under the restructuring programme approved by Helsinki District Court on 9 February 2021 (as subsequently amended, the "Restructuring Programme"). Pursuant to the Restructuring Programme, the Unsecured Creditors were entitled to convert 80 per cent. of their receivables under the payment programme of the Restructuring Programme that has been confirmed for unsecured debt, by way of set-off, to senior secured bonds (ISIN FI4000507330) (the “Bonds”) on a euro-for-euro basis. At the end of the subscription period for the Bonds, on 18 June 2021, the aggregate principal amount of the Bonds validly subscribed for by the Unsecured Creditors was EUR 66,149,032.
Therefore, on 5 July 2021, Stockmann announced the issuance of Bonds in the aggregate principal amount of EUR 66,149,032 and the Bonds were admitted to trading on the list of Nasdaq Helsinki Ltd on 7 July 2021. In the same connection, Stockmann also announced that it has under the Restructuring Programme disputed, conditional and/or maximum amount-based restructuring debt in respect of which the final amount subject to the payment programme will be confirmed later, and the creditors of such restructuring debt (the "Entitled Persons") will be entitled to convert their receivables to the Bonds after their respective receivables have been confirmed. In respect of such creditors, pursuant to the Restructuring Programme and the terms and conditions of the Bonds, the Company may issue subsequent Bonds that shall benefit from and be subject to the same agreements and otherwise have the same rights as the initial Bonds (the "Subsequent Bonds").
Today, the Company announces that is has received and verified three subscription forms from Entitled Persons whose previously conditional or disputed receivables subject to the payment programme of the Restructuring Programme have been clarified and the final amounts of such receivables have been confirmed. The Subsequent Bonds duly subscribed for by such Entitled Persons amount to the aggregate principal amount of EUR 94,333. The receivables of the Entitled Persons will be converted, by way of set-off, to Subsequent Bonds. The Subsequent Bonds are settled through the clearance system of Euroclear Finland Ltd and will be recorded on the book-entry accounts maintained by Euroclear Finland Ltd as soon as practicably possible.
Pursuant to the Restructuring Programme, the Entitled Persons are also entitled to convert 20 per cent. of their receivables that have been confirmed by 1 December 2021 to the shares in the Company. Stockmann announces the results of the share issuance by a separate release.
The Company still has under the Restructuring Programme disputed, conditional and maximum amount‑based restructuring debt in respect of which the final amount subject to the payment programme will be confirmed later, and the creditors of such restructuring debt will be entitled to convert their receivables to shares and bonds after their respective receivables have been confirmed.
Listing application submitted
Stockmann has today submitted an application for the issued Subsequent Bonds to be admitted to trading on the list of Nasdaq Helsinki Ltd together with the already trading fungible Bonds under the trading code "STCJ001026". Trading on the Subsequent Bonds is expected to commence on or about 1 February 2022.
Jukka Naulapää, Chief Legal Officer, tel. +358 9 121 3850
This release is not an offer for sale of securities in the United States. Securities may not be sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration under the U.S. Securities Act of 1933, as amended. The Company does not intend to register any part of the bonds issue in the United States or to conduct a public offering of securities in the United States.
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