RURIC AB agrees preliminary term sheet for the restructuring of its Bond Loan
(Thomson Reuters ONE) -
Press Release
June 4, 2013
RURIC AB agrees preliminary term sheet for the restructuring of its Bond Loan
On 4 June 2013, the Board of Directors (the "Board") of Russian Real Estate
Investment Company AB (publ) ("Ruric") agreed a preliminary term sheet on the
restructuring of the existing bond loan issued by Ruric (ISIN: SE0003045848)
with a total nominal amount outstanding of SEK 619,750,000 (the "Current Bond
Loan") divided into 6,197,500 bonds (the "Current Bonds") with the Bondholders'
Committee, which had been commissioned to negotiate with Ruric by the
bondholders' meeting held on 6 May 2013.
Preliminary Terms of the Restructuring
According to the preliminary term sheet, Ruric, in consideration for the
cancellation of the Current Bond Loan, will (i) divest the shares of the holding
companies of certain of its property portfolio to a newly created Swedish orphan
company (i.e., a company set up by a third party entity, such as a
trust/foundation) ("PropCo"), and (ii) issue new B shares in its share capital
to PropCo. PropCo will in turn issue bonds to the holders of the Current Bonds.
Disposal of the Property Companies
The Swedish limited liability companies RURIC Chetire AB, RURIC TRI AB, RURIC
DVA AB and PD Finance AB and their respective subsidiaries OOO Ruric 2, OOO
Ruric 3, OOO Ruric 4 and OOO Strelna Development (each a "Property Company"),
holding the office properties known as "Gustaf", "Magnus" and "Oscar" and
Strelna land plot will be sold to PropCo by way of a transfer of the entire
share capital of RURIC Chetire AB, RURIC TRI AB, RURIC DVA AB and PD Finance AB
along with all claims any remaining Ruric Group Company may have against the
transferred companies.
Share Issue
In addition, Ruric will make a directed issue to PropCo of such number of new
class B shares as will, following the new issue, represent 20% of the entire
issued share capital of Ruric.
Issue of new Bonds by PropCo
PropCo will issue new bonds to the holders of the Current Bonds in exchange for
their Current Bonds. The terms of the new PropCo bonds are still to be
finalized.
Cancellation of the Current Bonds
In consideration of the Property Companies and claims being transferred to, and
the Ruric B shares being issued to, PropCo, the Current Bonds will be cancelled.
Further Steps
A number of corporate and bondholders' actions will be required to carry out the
proposals contained in the preliminary term sheet, including:
* Bondholders' meetings to approve the term sheet and agree to exchange their
Current Bonds; and
* Shareholders' meetings to approve the sale of the Property Companies and the
issue of the new Class B shares.
Further details regarding such meetings will be announced and published on the
Company's website.
For additional information:
Tatiana Ottestig, CEO
Tel.: +7 (812) 309-78-95
E-mail: tottestig(at)ruric.com
Web: www.ruric.com
About company:
RURIC AB (Russian Real Estate Investment Company AB (publ) (reg. No.
556653-9705, Hovslagargatan 5 B, SE-111 48 Stockholm)) is a company with Swedish
capital, operating in St. Petersburg commercial real estate market since 2004.
Besides its property management, RURIC AB establishes the realty agency, which
services are based on the cutting edge mobile application, and introduces the
system analyzing visitors traffic at business and trade centers prepared by the
partners. This method has no parallels and is suggested as a part of the
consulting offer for office and retail property owners.
Beyond that, the company is already dealing with the investment projects
coordination, local and national market approach consulting, valuation and
property trust services. Real estate portfolio construction and management
services are also included. These services apply to the property of different
return, from ?100,000 to 6% per annum.
RURIC's Certified Advisor at First North is Erik Penser Bankaktiebolag
Press-release 04.06.2013 (.pdf file) :
http://hugin.info/141656/R/1707037/565206.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Russian Real Estate Investment Company via Thomson Reuters ONE
[HUG#1707037]
Unternehmensinformation / Kurzprofil:
Datum: 04.06.2013 - 15:59 Uhr
Sprache: Deutsch
News-ID 266476
Anzahl Zeichen: 5313
contact information:
Town:
Stockholm
Kategorie:
Business News
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