SRV announces results of its written procedure to amend terms of its senior unsecured notes due 2022

SRV announces results of its written procedure to amend terms of its senior unsecured notes due 2022

SRV GROUP PLC    INSIDE INFORMATION    27 MAY 2020     17:50 EET

SRV Group Plc (“SRV”) announced on 4 May 2020 that it was commencing written procedures in respect of its EUR 100,000,000 (of which EUR 62,1 million is outstanding) senior unsecured callable fixed rate notes due 23 March 2021 (the “2021 Notes”) and its EUR 75,000,000 senior unsecured callable fixed rate notes due 27 March 2022 (the “2022 Notes” and together with the 2021 Notes, the “Senior Notes”) regarding potential amendments to the terms and conditions of the Senior Notes. On 26 May 2020, SRV announced the results of the written procedure in respect of the 2021 Notes.

Today, SRV announces that the proposed amendments have been approved in the written procedure in respect of the 2022 Notes.

“The announced extension of the tenor of the Senior Notes and certain amendments to the terms and conditions will improve SRV’s balance sheet position and available liquidity in response to the outbreak of possible unpredictable market disruption due to the coronavirus pandemic. These measures are a continuation of the company’s previously announced recovery programme and will improve the repayment profile of our loan structure,” says Saku Sipola, President and CEO of SRV Group Plc.

Further information on the written procedures can be found in SRV’s announcement of 4 May 2020 and the notices of written procedure dated 4 May 2020, which are attached to such announcement.

SRV has mandated Pareto Securities AB as financial advisor in the written procedures in respect of its Senior Notes.

 

For further information, please contact:
Ilkka Pitkänen, CFO, Tel. +358 40 667 0906, ilkka.pitkanen@srv.fi
Carl-Johan Hugner, Head of Real Estate Investment Banking, Pareto Securities AB, Tel. +46 70 772 58 26, cjh@paretosec.com

Distribution:
Nasdaq Helsinki
Main media
www.srv.fi

You can also find us on the social media:

Facebook   LinkedIn   Twitter   Instagram

SRV in brief

SRV is a bold developer and innovator in the construction industry. We want to offer the best customer experience as a constructor of urban city centres, while also being the most attractive employer in the industry. Our genuine cooperation and enthusiasm for our work comes across in every encounter. Sustainability is reflected in all our activities.

Established in 1987, we are a publicly listed company since 2007 in Helsinki Nasdaq stock exchange that operates in selected growth centres in Finland and Russia. Our revenue in 2019 was EUR 1,061 million. Over 1,000 people work for us and we employ a network of almost 4,000 subcontractors in our projects.

SRV – Building for life

 

Share page