Summons to bondholder meeting re extension of convertible bond 31.05.2019

Reference is made to Q1.2019 report published by TTS Group ASA (TTS) 29 May 2019.

 

The contemplated transaction between TTS and MacGregor/Cargotec is still awaiting clearance from Chinese authorities. Due to the short term profile of the company's credit facilities (falling due July 2019) the company has initiated a process to extend both bank facilities and convertible bond in order to secure funding in case of further delays, but also to give time to plan and implement refinancing of TTS on a potential stand-alone basis.   

 

TTS is in dialogue with its banks (Nordea and DNB) about extension of the company's banking facilities for four months (until 1 November 2019) contingent upon approval of a proposed four month extension of the company's convertible bond loan, which expires 18 July 2019. Consequently an extension of the bond loan is proposed with four months. TTS has received indications from a 2/3 majority of the bondholders that they intend to support such proposal.

 

The bondholders are now being summoned to a bondholders' meeting to take place on 17 June 2019. The summons to the bondholders' meeting is enclosed.

Summons to meeting