SSM summons to a meeting with bondholders through a procedure in writing

At the request of SSM Holding AB (“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 purpose of the amendment is to enable SSM to list the bonds with Nasdaq First North.

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 SSM’s outstanding bonds of a maximum of MSEK 700.0 (of which MSEK 300.0 is outstanding and 23.2 MSEK are held by SSM) that mature in May 2022 (ISIN SE0008040893) (the “Bonds”).

The notice sets out the amendments that are requested to be made to the terms of the Bonds which are to permit that the Bonds are listed with Nasdaq First North (the “Request”). No further amendments are requested.

The reason behind the Request is that the Bonds are required to be listed on a regulated market pursuant to the terms and conditions and, due to a technical mistake, SSM has been informed that the Bonds have been delisted from Nasdaq Stockholm in breach of the terms and conditions. As a consequence, SSM is not compliant with the terms of the Bonds and an Event of Default will occur on 23 October 2020 and will be continuing until the Bonds are listed on a regulated market or until the effective date of the approval of the Written Procedure. SSM has therefore requested that any Event of Default that may occur on 23 October 2020 due to the delisting of the Bonds is waived until the Written Procedure has been concluded. SSM intends to promptly commence the process of having the Bonds listed with Nasdaq First North.

Only Holders registered in Euroclear Sweden AB’s debt ledger for the Bonds on the voting record date on October 15, 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 percent of the adjusted nominal amount must participate in the Written Procedure and at least 75 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 October 28, 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 October 8, 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 or +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, affordable homes with attractive shared spaces close to public transport and the city center for its target group – tomorrow’s urbanites. SSM envisions a housing market for as many people as possible and today, the company is the leading property developer in its niche within the Greater Stockholm area. On June 30, 2020, SSM had approximately 4,500 building rights in its portfolio. SSM has been listed on Nasdaq Stockholm’s Main List since April 6, 2017  www.ssmlivinggroup.com