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Jøtul AS initiates a written procedure and provides a financial update
Jøtul AS
Jøtul AS initiates a written procedure and provides a financial update
Jøtul AS (the “Issuer“, and together with its subsidiaries, the”Group“) instructed the agent for senior secured floating rate securities of up to NOK 600,000,000 from the Issuer with ISIN NO0013106666 (the “Titles“) initiate a written procedure to request bondholders to vote in favor of amending and waiving certain provisions in the terms and conditions of the Bonds, including, but not limited to, the obligation to comply with the maintenance agreement during 2024 and the obligation to publish the Group’s audited consolidated financial statements for the 2023 financial year, as well as the Group’s unaudited interim consolidated report for the financial quarter ending 31 March 2024 (the “Proposal“) (O “Written Procedure“). Full details of the Proposal are set out in the notice of the Written Procedure.
As compensation to the Bond holders for approving the Proposal, the Company will pay an approval fee equal to 2.50 percent. of the nominal value of each Obligation, subject to the conditions contained in the written procedure notice.
In conjunction with the Written Procedure, the Issuer also provides financial updates. In the first quarter of 2024, the Issuer expects pro forma net sales of NOK 267.6 million and pro forma adjustment. EBITDA of NOK -17.3 million. For the full year 2024, the Issuer expects NOK 1,454.2 million in pro forma net sales and NOK 160.6 million in pro forma adj net sales. EBITDA.
Notice of the Written Procedure will be delivered to all securityholders through the CSD on May 28, 2024 and will also be available on the Company’s investor website (https://jotulgroup.com/bonds). The last day to vote on the Written Procedure is June 20, 2024.
For more information, please contact:
Jøtul AS
Nils Agnar Brunborg
Tel: +47 906 05 578
Email: Nils.Brunborg@jotul.no
Jøtul is one of the world’s oldest producers of stoves, inserts and fireplaces. Drawing on a proud Norwegian heritage, Jøtul has been combining excellent craftsmanship with the art of dealing with the cold for 170 years. Jøtul is headquartered in Fredrikstad, Norway and features five prominent brands, Jøtul, Scan, Ild, Ravelli and Atra, and proudly sells to 45 countries around the world.
This is information that Jøtul AS is obliged to make public under the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person indicated above, at 10:00 CEST on 27 May 2024.
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