Telio Holding ASA: Results of bondholders' meeting
OSLO, Norway--(BUSINESS WIRE)--Telio Holding ASA (OSE:TELIO):
The bondholders' meeting held today on 5 February 2014 voted in favor of the company's proposal for an early redemption of the bond. The NOK 300 million bond will be repaid at 109.50% of par value plus accrued interest on or about 7 March 2014. See attached notice from Norsk Tillitsmann.
As announced previously, the company has agreed on amended loan facilities with Nordea. The new financing comprises a five year term loan of NOK 250 million and a NOK 75 million overdraft facility, replacing the current bank loan of NOK 175 million. The reduced financial expenses following the new loan facilities will offset the call premium for the bond within approximately 24 months and the new financing reduces financial expenses by approximately 60% (NOK 56 million) over the loan term. Altogether, this financial restructuring including less strict financial covenants make it possible for Telio to pay dividend already in 2014 based on the 2013 annual accounts. Further information will be provided at the company's Q4 2013 earnings release on 11 February 2014.
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