Corporate bonds

Noteholders decide to restructure corporate bonds

DGAP-News: Ekosem-Agrar AG / Tag(s): Bond
Ekosem-Agrar: Bondholders decide to restructure corporate bonds
31.05.2022 / 15:40
The issuer is solely responsible for the content of this announcement.

Ekosem-Agrar: Bondholders decide to restructure corporate bonds

  • A clear majority of over 99% of noteholders vote in favor of the restructuring proposals submitted by the noteholder advisory committee

  • The two ESA bonds were extended for five years each; interest rate to be reduced to 2.5% per annum

  • Joint representative of the ESA bond 2019/2024, e.Anleihe GmbH, also appointed for the ESA bond 2012/2022

Walldorf, May 31, 2022 – At the second general meetings on May 30 and 31, 2022, a clear majority of over 99% of bondholders of Ekosem-Agrar AG, the German holding company of Russian milk producer EkoNiva Group, voted in for the restructuring of Ekosem-Agrar AG bonds 2012/2022 (ISIN: DE000A1R0RZ5; ESA bond 2012/2022) and 2019/2024 (ISIN: DE000A2YNR08; ESA bond 2019/2024). Bondholders were invited to vote on the appointment of e.Anleihe GmbH as co-representative of the ESA 2012/2022 bond as well as on the counter-motion presented by the newly formed Bondholder Advisory Board, which the company had already approved in the race. until meetings.

Political and economic developments since the end of February 2022, including sanctions against Russia as well as Russian counter-sanctions, had forced the company to hold meetings to have its noteholders vote on the modification of the terms and conditions of its two bond companies.

The final resolutions essentially consist of a reduction in interest rates to 2.5% per annum and an extension of the maturity by five years each. However, the difference between the initial interest rate and the reduced interest rate of 2.5% will be paid at maturity in addition to the nominal redemption amount. If the company redeems the respective bond earlier than the new maturity date, this payment will be reduced in three stages; this is intended to induce the company to repay the bonds early. For the reduced interest rate of 2.5%, there is a deferral agreement between the Joint Representative and the members of the Noteholder Advisory Committee. With regard to the reimbursement option in the event of a change of control, the quorum for the exercise of the option has been raised to 51%.

In addition, the bondholders have appointed the common representative for the 2019/2024 bond, e.Anleihe GmbH, also for the 2012/2022 bond.

Stefan Dürr, Chairman of the Management Board and main shareholder of Ekosem-Agrar AG: “We are very pleased to have found, together with our bondholders, a mutually satisfactory solution to change the terms and conditions of our bonds. We would like you express our sincere thanks for the trust placed in us, the support and the willingness to dialogue over the past few weeks.Many of you have been with us for many years and I would be delighted if you would remain loyal to our company.

Wolfgang Bläsi, CFO of Ekosem-Agrar AG: “Thanks to the extensive and active dialogue with the bondholders, we have reached a broad consensus to change the terms and conditions of the bonds with the common representative and the bondholder advisory board. We have has thus created a solid foundation to remain able to act in these uncertain times and to act as a reliable player in the capital market, as we have done in the last ten years since the issuance of our first duty.”

About Ekosem-Agrar
Ekosem-Agrar AG, Walldorf, is the German holding company of the EkoNiva Group, one of Russia’s largest agricultural companies. A herd of more than 220,000 cattle (including more than 112,000 dairy cows) and a daily production of approx. 3,200 tons of raw milk make the company the largest milk producer in the country. The Group controls an agricultural area of ​​approx. 630,000 hectares and is also one of Russia’s leading seed producers. The company’s founder and CEO is Stefan Dürr, who has been active in Russia’s agricultural sector since the late 1980s and has been instrumental in modernizing the industry over the past three decades. In 2009, he was awarded the Order of Merit of the Federal Republic of Germany in recognition of his contribution to the German-Russian dialogue on agriculture. The Group employs some 12,000 people and is present in nine administrative areas in Russia. Ekosem-Agrar generated total production of €565 million and adjusted EBITDA of €167 million in 2019.

Contact Ekosem-Agrar
Irina Makey // Ekosem-Agrar AG // Johann-Jakob-Astor-Str. 49 // 69190 Walldorf // Tel: +49 (0) 6227 3585 919 // E: [email protected]

Press / Investor Relations
Fabian Kirchmann, Anna-Lena Mayer // IR.on AG // T: +49 (0) 221 9140 970 // E: [email protected]

31.05.2022 Dissemination of a Corporate News, transmitted by the DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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