The Board of Directors of GEK TERNA invites the bondholders of KOD 2018 and KOD 2020 to Meetings in order to discuss and approve the amendment of the terms of the two bonds.
According to the listed company in the respective invitations to bondholders, it proposes the amendment of certain terms of the COD Program 2018 and the COD Plan 2020 in view of its immediate development prospects, given that these terms now have only a marginal contribution to the protection of bondholders’ interests. significantly reduce the flexibility of using the company’s cash and the effective implementation of its business plan
In particular, regarding the KOD Program 2018, it is proposed to remove the following obligations and restrictions:
• To stop the restriction of dividend distribution (or return of capital or other distributions) to the shareholders of the Company.
• To abolish the obligation of the Company to deposit in the pledged account to secure the Code of 2018, amounts equal to the amounts paid to the shareholders of the Company.
• To increase the maximum amount of the “Financial Liabilities” of the Company, from € 800,000,000 to € 1,100,000,000.
Respectively, for the COD 2020 Program, it is proposed to remove the following obligations and restrictions:
• To stop the restriction of dividend distribution (or return of capital or other distributions) to the shareholders of the Company.
• To abolish the obligation of the Company to deposit in the pledged account to secure the Code 2020, part of the amounts paid to the shareholders of the Company (or after repayment of the common bond loan amounting to 120 million Euros, issued by the Issuer under 16.03. 2018 of the decision of the Board of Directors, of 100% of the amounts paid to the shareholders of the Company).
• To increase the maximum amount of the “Financial Liabilities” of the Company, from € 800,000,000 to € 1,100,000,000.
• To clarify and specify the context of the permitted transformation of the Publisher.
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Source From: Capital
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