On Friday 17 April 2020, Catena Media plc (“Catena Media” or the “Company”) announced a fully guaranteed rights issue of units of SEK 684 million consisting of hybrid capital securities (accredited 100% equity treatment), and warrants. The ambition with the rights issue is to decrease the senior debt position and materially reduce the financial risk profile, resulting in a more balanced capital structure.
In addition to the rights issue, Catena Media announced a notice of a written procedure for its outstanding EUR 150 million senior unsecured bonds. The amendment proposal includes, inter alia, an extension of the final redemption date by a year, addition of a partial prepayment of approx. EUR 50 million and voluntary partial prepayments of up to EUR 6 million in aggregate per quarter, removal of possibility to issue subsequent bonds, inclusion of transaction security as well as amendments to the distributions undertaking to allow for dividend and interest payments under the hybrid bonds.
