Magle Group enters into a loan facility agreement of up to SEK 60 million
Prenumeration
Beskrivning
| Land | Sverige |
|---|---|
| Lista | First North Stockholm |
| Sektor | Hälsovård |
| Industri | Medicinteknik |
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Magle Chemoswed Holding AB (publ) (the "Company" or the "Magle Group") announces that it and its wholly owned subsidiary Magle Chemoswed AB (the "Borrower") has entered into a loan facility agreement (the "Agreement") in an initial amount of SEK 25,000,000 with a group of existing bondholders (the “Lenders”). The loan is intended to support the Company whilst it continues its restructuring process.
Description of background and motive
Under the existing written procedure approved on 23 April 2026 (the "Written Procedure"), Magle Group obtained approval from holders of its SEK 350,000,000 senior secured floating rate bonds (ISIN SE0025197403) (the "Bonds") for, among other things, a full waiver of the maintenance tests from 31 December 2025 until (and including) 31 December 2026, conditional upon the Company raising no less than SEK 100 million in aggregate net proceeds by 30 June 2026. The Written Procedure also capped the Company's ability to incur or extend any financial indebtedness ranking senior or pari passu with the Bonds to a working capital financing basket not exceeding SEK 32.5 million.
Whilst the Company continues its ongoing restructuring process, additional near-term liquidity support is required to bridge the Company through this period and to support its ongoing operations. The loan facility of up to SEK 60 million, initially provided by a group of existing bondholders, has a possibility to implement security sharing arrangements and the issuance of Bonus Bonds subject to bondholder approval through a further written procedure. The facility is intended to provide the Company with the financial flexibility needed to execute its restructuring plan and meet its obligations as they fall due.
Key terms
The Lenders have granted the Borrower an initial loan of SEK 25,000,000, with the possibility for additional drawdowns of up to SEK 35,000,000, bringing the maximum facility to SEK 60,000,000. The loans carry interest at 3-month STIBOR plus 5.25 per cent. per annum, payable quarterly. All outstanding amounts fall due on the Termination Date, being one (1) year from the date of the Agreement.
As security, each of the Company and the Borrower grants a first-ranking security over its rights under certain royalty agreements.
Equity component – Bonus Bonds
As consideration for providing the financing, Magle Group shall issue bonus bonds (the "Bonus Bonds") to be governed by the terms and conditions of the Bonds in an aggregate nominal amount equal to 5.00 per cent. of the utilised loan amount from time to time (i.e. SEK 1,250,000 for the initial loan). The Company shall convene an extraordinary general meeting no later than 180 days after the completion of the written procedure referred to below, to resolve on a directed share issue enabling holders of Bonus Bonds to convert their Bonus Bonds into common shares at a conversion price to be agreed with the Lenders.
Written procedure
Magle Group will initiate a written procedure under the terms and conditions of its outstanding SEK 350,000,000 senior secured floating rate bonds (ISIN SE0025197403) (the ”Bonds”) to obtain consent from the holders of the Bonds for the necessary amendments to the terms and conditions of the Bonds to permit the loan facility and the transaction security created thereunder, including the sharing of additional security with the Bonds and the issuance of Bonus Bonds.
In connection with the written procedure, all existing holders of Bonds will be offered the opportunity to participate in the financing on equivalent terms, on a pro rata basis.