JÖNKÖPING, Sweden, June 25, 2020 /PRNewswire/ -- Under the Nordea
facility, the parties have agreed to realign the debt structure
into a long-term facility of EUR
100,000,000 and short-term facility of EUR 75,000,000. The total credit facility will
hereafter be EUR 175,000,000. The
available credit for ITAB under the facility from Svensk
Exportkredit remains unchanged.
ITAB will be subject to interim financial covenants under both
the Nordea and the Svensk Exportkredit facilities. The interim
financial covenants are adapted to support ITAB in the current
market environment impacted by COVID-19. The facilities will be
used for running business operations.
As part of the total refinancing solution, the board of
directors has agreed on the terms for short-term shareholders'
loans with Pomona-gruppen AB (controlled by board member
Fredrik Rapp), VIEM Invest AB
(controlled by board member Anna
Benjamin) and Övre Kullen AB (controlled by board member
Petter Fägersten). In total, the loans amount to SEK 140,000,000 and will be used for repayment of
the outstanding convertible loan. The execution of these
shareholders' loans is subject to approval by a general meeting as
these transactions constitute closely-related parties transactions
under Chapter 16 a of the Swedish Companies Act. The company will
summon such extraordinary general meeting within short by way of a
separate press release.
As previously communicated, ITAB has appointed an independent
financial adviser to support our work with assessing and pursuing
financial options which will allow ITAB to transform its business
and consolidate its market position as the leading retail solution
provider. This new arrangement with our banking partners is an
important pillar of that activity.
This information is such information that ITAB Shop
Concept AB (publ) is obliged to make public under the EU's Market
Abuse Regulation. The information was submitted for publication at
5.40 p.m. on 25 June 2020.
CONTACT:
For further information, please contact:
ITAB Shop Concept AB
CEO Andréas Elgaard
Telephone: +46-36-31-73-00
Mobile: +46-73-232-16-35
Box 9054, SE-550 09 JÖNKÖPING
Telephone: +46-36-31-73-00
itab.com, itabgroup.com
This information was brought to you by Cision
http://news.cision.com
https://news.cision.com/itab-shop-concept/r/itab-has-renegotiated-terms-of-its-credit-facilities-and-intends-to-enter-into-short-term-shareholde,c3142226
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https://mb.cision.com/Main/862/3142226/1269987.pdf
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