SSM summons meeting with bondholders through procedure in writing

At the request of SSM Holding AB (publ) (“SSM”), the agent has today summoned a meeting with the company’s bondholders by way of a procedure in writing to resolve on amending the terms and conditions of SSM’s outstanding bonds. The amendments in the conditions include extending the bond loan by two years, semi-annually repaying the bond loan at an agreed rate and not paying dividends until the bond loan is repaid in full.

On December 13, 2019, SSM announced that it had reached an agreement with a majority of the holders of a maximum of MSEK 700.0 of SSM’s outstanding bonds (of which MSEK 400.0 is outstanding and 31.0 MSEK is held by SSM) that mature in May 2020 (ISIN SE0008040893) (the “Bonds”).

At the request of SSM, the agent has today summoned a meeting with the company’s bondholders (the “Holders”) through a procedure in writing (the “Written Procedure”) to resolve on amending the terms and conditions of the Bonds.

The notice sets out the amendments that will be made to the terms of the Bonds which among other things include i) extending the maturity date of the Bonds to 2022 with an unchanged interest rate, ii) repaying not less than MSEK 100.0 no later than May 2020, iii) repaying not less than MSEK 75.0 at an agreed premium semi-annually from November 2020, iv) restrictions on payments of dividends or transfers of value to the company’s shareholders until the Bonds have been repaid in full, v) obligation for SSM to provide certain collateral to the Bondholders, vi) obligation to have sufficient funds available for each repayment and final repayment of the Bonds, vii) not canceling any Bonds held by SSM and viii) amending the conditions for starting new housing projects.

Only Holders registered in Euroclear Sweden AB’s debt ledger for the Bonds on the voting record date on February 10, 2020 are eligible to vote in the Written Procedure.

For the amendments to be approved through the Written Procedure, a quorum representing at least 50.0 percent of the adjusted nominal amount must participate in the Written Procedure and at least 75.0 percent of the adjusted nominal amount for which Holders are voting in the Written Procedure must agree to the amendments. The outcome of the Written Procedure is expected to be announced on or around February 21, 2020, which is the last day of voting in the Written Procedure.

The notice of the Written Procedure, including complete proposals for resolutions and voting instructions, will be made available on SSM’s website (ssmlivinggroup.com) and sent by the agent today to registered owners and nominees of the Bonds as per February 3, 2020 in the debt ledger maintained by Euroclear Sweden AB. Any individual or company whose Bonds are held by a nominee must contact the nominee to participate in the Written Procedure.

For questions regarding the administration of the Written Procedure, please contact the agent at voting.sweden@nordictrustee.com eller +46 8 783 79 00.

For more information, please contact:
Ann-Charlotte Johansson
EVP Communications & IR
Email: ann-charlotte.johansson@ssmliving.se
Phone: +46 761 65 17 71
About SSM Holding AB (publ) 
SSM produces smart and affordable housing with attractive communal areas, close to public transport in close proximity to the company´s target group – tomorrow’s urbanites. The company´s vision is a housing market with room for as many people as possible. SSM is a leading housing developer in its niche within the Stockholm area, and in December 2019, approximately 4,500 building rights are included in the company´s project portfolio. SSM was listed on Nasdaq Stockholm´s main list on April 6, 2017. www.ssmlivinggroup.com