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EQS-Ad-hoc: Accentro Real Estate AG / Key word(s): Financing/Real Estate Agreement with group of bondholders of ACCENTRO Real Estate AG on lock-up agreement for refinancing the 2020/2023 bond and amendment agreement for refinancing the 2021/2026 bond expected to be concluded shortly Berlin, 16 December 2022 - ACCENTRO Real Estate AG today entered into an agreement with a group of bondholders of the 2020/2023 bond (volume EUR 250 million) - in total approximately 56 % of the bondholders invested in this bond – according to which the bondholders concerned agree to an extension and thus refinancing of the 2020/2023 bond subject to customary conditions precedent and subject to the appointment of a further member of the management board, (so-called lock-up agreement) adjusting the terms and conditions of the bond. At the same time, signing of an amendment agreement is anticipated shortly with the sole bondholder of the 2021/2026 bond (volume EUR 100 million) regarding an extension of the 2021/2026 bond with an adjustment of the terms and conditions of the 2021/2026 bond, subject to the implementation of the refinancing of the 2020/2023 bond. The agreed refinancing of the 2020/2023 bond provides for a three-year extension of the 2020/2023 bond until 13 February 2026 and an increase in the interest rate by 2 percentage points to 5.625 %. The agreement also includes a one-time repayment at the time of refinancing, further contractually guaranteed minimum annual redemptions (starting from December 2023), and a mandatory special redemption from net proceeds from the sale of investment properties and certain loans and financial investments. In addition, the new bond terms and conditions contain a limit on the incurrence of new financial liabilities and the acquisition of new real estate. In particular, it is agreed that ACCENTRO Real Estate AG will not acquire any new investment properties until 80% of the nominal value of the refinanced 2020/2023 bond is repaid and will be subject to certain restrictions on the acquisition of new inventory properties until certain minimum redemptions on the refinanced 2020/2023 bond have been reached. The agreement also contains an obligation not to pay dividends or other distributions to shareholders of ACCENTRO Real Estate AG during the extended term. The key terms of the refinancing of the 2021/2026 bond include an increase in the interest rate by 2 percentage points to 6.125 %, an extension of the maturity from originally 23 March 2026 to March 23 March 2029, contractually guaranteed minimum annual redemptions (starting from December 2026), as well as the equal distribution of payments on the special proceeds-based mandatory redemptions among the two refinanced bonds, once the outstanding nominal amount of the refinanced bond 2020/2023 has been reduced to or below EUR 100 million. Otherwise, the terms and conditions adjusted for the refinanced bond 2020/2023 will essentially be mirrored in the refinancing of the bond 2021/2026. A new and comprehensive securities package was also agreed for both refinanced bonds, securing the refinanced 2020/2023 bond and the refinanced 2021/2026 bond on a pari passu basis and governed by a new agreement between the bondholders. ACCENTRO Real Estate AG will shortly initiate proceedings to obtain approval under the German Debt Issuance Act (Schuldverschreibungsgesetz) to carry out the refinancing in respect of the 2020/2023 bond. Corresponding announcements will be made available to the bondholders of the 2020/2023 bond in due course.
Notifying person: Thomas Eisenlohr, Head of Investor Relations
Berlin, 16 December 2022 The Management Board ISIN: DE000A0KFKB3 / DE000A3H3D51 / DE000A254YS5
16-Dec-2022 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
| Language: | English |
| Company: | Accentro Real Estate AG |
| Kantstr. 44/45 | |
| 10625 Berlin | |
| Germany | |
| Phone: | +49 (0)30 - 887 181 - 0 |
| Fax: | +49 (0)30 - 887 181 - 11 |
| E-mail: | info@accentro.ag |
| Internet: | www.accentro.ag |
| ISIN: | DE000A0KFKB3 |
| WKN: | A0KFKB |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 1515807 |
| End of Announcement | EQS News Service |
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1515807 16-Dec-2022 CET/CEST
P R O D U C T S U G G E S T I O N S
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