Jotul AS postpones payment of interest under its senior secured floating bonds amid discussions with a large group of bondholders
15 January 2025 - 7:45AM
UK Regulatory
Jotul AS postpones payment of interest under its senior secured
floating bonds amid discussions with a large group of bondholders
Due to Jøtul AS's (the "Issuer") current financial
situation, the Issuer hereby informs that it will until further
notice postpone the interest payment due on 15 January 2025 under
the Issuer's outstanding senior secured floating rate bonds (ISIN:
NO0013106666) (the "Bonds"). In addition, the Issuer also
informs that it will until further notice postpone the contemplated
listing of the Bonds on a regulated market that pursuant to the
terms and conditions of the Bonds shall be completed within one
year after the first issue date of the Bonds (being 15 January
2024).
The Issuer is working closely together with its
main shareholder to find and implement a long-term viable solution
for the Issuer. Subject to a commercial agreement between all
parties, the Issuer will communicate such solution as soon as
possible.
The postponement of the interest payment and the
non-listing of the Bonds on a regulated market will cause an event
of default to be outstanding under the terms and conditions of the
Bonds. However, the Company has approached holders of Bonds
representing over 40% of the adjusted nominal amount of the Bonds
with the aim of securing standstill confirmations from such holders
and a structured process for the long-term solution.
Alvarez and Marsal has been retained as
financial advisor and Roschier Advokatbyrå has been retained as
legal advisor.
This is information which Jøtul AS is obliged
to make public pursuant to the EU Market Abuse Regulation. The
information was submitted for publication, through the agency of
the contact person set out above, at 08:45 CET on
15 January 2025.
For further information, please contact:
Jøtul AS
Adrian Postolache
Group CFO
Tel: +47 458 79 680
E-mail: adrian.postolache@jotul.no
Jøtul is one of the world’s oldest producers
of stoves, inserts and fireplaces. Building on a proud Norwegian
heritage, Jøtul combines fine craftsmanship with the art of coping
with the cold for 170 years. Jøtul is headquartered in Fredrikstad,
Norway and features five prominent brands – Jøtul, Scan, Ild,
Ravelli and Atra – and proudly sells to 45 countries around the
world.
- Jotul AS - Press Release (Interest Payment Listing and
Standstill)
