Friday, 7 June 2024, 15:00 | AD HOC RELEASES, GERMAN AD HOC RELEASES
[Veröffentlichung einer Insiderinformation gemäß Art. 17 der Verordnung (EU) 596/2014]
R-LOGITECH beruft Gläubigerversammlungen für seine bestehenden Anleihen ein, um die Laufzeit zu verlängern und die Fortsetzung des eingeleiteten Verkaufsprozesses für seine Beteiligung an Thaumas N.V. sicherzustellen.
Monaco/Luxemburg, 7. Juni 2024 – R-LOGITECH S.A.M. (die “Gesellschaft”) bittet die Inhaber ihrer bestehenden 10,250%-Schuldverschreibungen in Höhe von 254 Mio. Euro (zuvor 200 Mio. Euro) mit Fälligkeit am 24. Juni 2024 (die “Schuldverschreibungen 2024”) (ISIN: DE000A19WVN8) und der 10,25%-Schuldverschreibungen in Höhe von 50 Mio. Euro mit Fälligkeit 2027, die von R-Logitech Finance S.A. (“RL Finance”), die von der Gesellschaft garantiert werden (ISIN: DE000A3K73Z7) (“Schuldverschreibungen 2027”, zusammen die “Schuldverschreibungen”), um unter anderem die Laufzeit der Schuldverschreibungen 2024 um zwei Jahre zu verlängern und die Bedingungen beider Schuldverschreibungen dahingehend zu ändern, dass sie nur noch aus dem Nettoerlös des Verkaufs der Thaumas-Aktien anteilig getilgt werden und nicht mehr zu ihren Nennbeträgen zurückgezahlt werden sollen. In Anbetracht dessen werden die Schuldverschreibungen nicht mehr verzinslich sein.
Wie bereits angekündigt, wurde gemäß den Bedingungen der Schuldverschreibungen 2024 die Investmentbank Lazard zum M&A-Berater ernannt und ein M&A-Prozess eingeleitet, um die Beteiligung des Unternehmens an Thaumas zu verkaufen.
Da die weitere Umsetzung und der Abschluss des eingeleiteten M&A-Prozesses durch die Gesellschaft die Bereitstellung zusätzlicher Liquidität erfordert, um u.a. die angefallenen und noch anfallenden Transaktions- und Restrukturierungskosten zu decken, soll eine weitere Anleihe mit einem Nominalwert von EUR 15.000.000 (“New Money Instrument”) und einem 2,5 MOIC durch die RL Holding S.A. (“RL Holding”) begeben werden, die den beiden bestehenden Schuldverschreibungen im Rang vorgehen wird. Das New Money Instrument wird ebenfalls aus dem Nettoerlös des Verkaufs der Anteile an Thaumas zurückgezahlt. Die RL Holding ist Teil der R-LOGITECH-Gruppe. Alle Aktien der RL Holding sind in Umsetzung des Beschlusses der Anleihegläubiger vom 29. März 2023 zu Gunsten der Anleihegläubiger verpfändet.
Die Aufteilung des Nettoerlöses zwischen den bestehenden Schuldverschreibungen und dem neuen New Money Instrument erfolgt nach einem Wasserfall, wobei das neue New Money Instrument zuerst ausgezahlt wird und der verbleibende Erlös zwischen den bestehenden Anleihegläubigern (anteilig zwischen den beiden Schuldverschreibungen), dem New Money Instrument, der Emittentin (zu einem geringen Teil zur Sicherung der Unternehmensfortführung) und bestimmten bestehenden Anleihegläubigern, die die vollständige Platzierung des neuen New Money Instruments garantiert haben, aufgeteilt wird. Im Hinblick auf diese Struktur und den Zahlungsablauf wurde das Unternehmen von einer Ad-hoc-Gruppe von Anleihegläubigern angesprochen, die, wie dem Unternehmen mitgeteilt wurde, etwa 30% der Anleihen des Unternehmens besitzen. Es handelt sich dabei um die größte der Emittentin bekannte Gruppe von Anleihegläubigern, die einen Vorschlag unterbreitet hat, der in den Bedingungen enthalten ist, die als Abstimmungsvorschläge veröffentlicht werden sollen.
Für diese Änderungen sind Beschlüsse der Inhaber der Schuldverschreibungen erforderlich. Daher lädt die Gesellschaft alle Anleihegläubiger zu einer Abstimmung ohne Versammlung für beide Schuldverschreibungen gemäß § 18 des deutschen Schuldverschreibungsgesetzes (SchVG) ein. Die Einladung für die Schuldverschreibungen 2024 wird heute im Bundesanzeiger und auf der Website von R-LOGITECH unter www.r-logitech.com veröffentlicht. Die Einladung für die Schuldverschreibung 2027 wird in Kürze verfügbar sein.
Parallel dazu befindet sich das Unternehmen in abschließenden Verhandlungen mit zwei Finanzierungspartnern über die Refinanzierung oder Ablösung der besicherten Mezzanine-Fazilität auf der Ebene seiner Tochtergesellschaft R-Logitech S.A., Luxemburg, die am 24. Juni 2024 fällig wird und einen ausstehenden Betrag (Nominalwert und kapitalisierte Zinsen) von ca. EUR 125 Millionen. Die Mezzanine-Fazilität ist durch die Anteile an R-Logitech S.A. und die 53%igen Anteile an Thaumas N.V. besichert.
R-LOGITECH S.A.M.
investorrelations@r-logitech.com
Friday, 7 June 2024, 15:00 | AD HOC RELEASES, ENGLISH AD HOC RELEASES
[Dissemination of an insider information pursuant to Art. 17 of Regulation (EU) 596/2014]
R-LOGITECH to call noteholder meetings for its existing bonds to extend maturity and ensure continuation of initiated sales process for its stake in Thaumas N.V.
Monaco/Luxembourg, 7 June 2024 – R-LOGITECH S.A.M. (the “Company”) is asking the holders of its existing EUR 254 million (previously EUR 200 million) 10.250% notes due 24 June 2024 (the “2024 Notes”) (ISIN: DE000A19WVN8) and the € 50 million 10.25% notes due 2027 issued by R-Logitech Finance S.A. (“RL Finance”) guaranteed by the Company (ISIN: DE000A3K73Z7) (“2027 Notes”, together the “Notes”) to, inter alia, extend the term of the 2024 Notes by two years and amend the terms and conditions of both Notes such they will be redeemed only out of the net proceeds of the sale of the Thaumas shares on a pro rata basis and are not to be repaid at their nominal amounts anymore. In light of this, the Notes will not be interest bearing anymore.
As already announced, in accordance with the terms and conditions of the 2024 Notes, investment bank Lazard has been appointed as M&A advisor, and an M&A process has been initiated, with the aim of selling the Company’s stake in Thaumas.
Since the further implementation and finalisation of the initiated M&A process by the Company requires the provision of additional liquidity to cover, among other things, transaction costs and restructuring costs incurred and still to be incurred, a further bond with a nominal value of EUR 15,000,000 (“New Money Bond”) and a 2.5 MOIC is to be issued by RL Holding S.A. (“RL Holding”), which will rank senior to the two existing Notes. The New Money Instrument will also be repaid out of the net proceeds of the sale of the shares in Thaumas. RL Holding is part of R-LOGITECH Group. All shares in RL Holding are pledged in favour of the holders of the Notes in implementation of the noteholders’ resolution of 29 March 2023.
The allocation of the net proceeds between the existing Notes and the New Money Bond shall be made in accordance with a payment waterfall with the New Money Bond being paid first and the remaining proceeds divided between the existing noteholders (pro rata amongst the two Notes), the New Money Bonds, the Issuer (to a small extent to secure the going concern) and certain existing bondholders who guaranteed the full placement of the New Money Bond. With regard to this structure and the payment waterfall, the Company has been approached by an ad-hoc group of noteholders who, the Company is informed, own approximately 30% of the Company’s bonds. This is the largest bondholder group known to the Issuer, and this bondholder group has provided a proposal which is included in the conditions to be published as voting proposals.
For the purpose of these amendments, resolutions of the holders of the Notes are required. Therefore, the Company invites all noteholders to a vote without meeting for both Notes in accordance with § 18 of the German Act on Notes (Schuldverschreibungsgesetz – SchVG). The invitation for the 2024 Notes will be available today in the German Federal Gazette and on R-LOGITECH’s website at www.r-logitech.com. The invitation for the 2027 Notes will be available shortly.
In parallel, the Company is in final negotiations with two financing parties for the refinancing or redemption of the secured mezzanine facility at the level of its subsidiary R-Logitech S.A., Luxembourg, which matures on 24th June 2024 and has an outstanding amount (nominal and capitalized interest) of approximately. EUR 125 million. The mezzanine facility is collateralised by the shares in R-Logitech S.A. and the 53% shares in Thaumas N.V.
R-LOGITECH S.A.M.
investorrelations@r-logitech.com
Monday, 20 February 2023, 15:30 | AD HOC RELEASES, ENGLISH AD HOC RELEASES, GERMAN AD HOC RELEASES
Monaco, February 20, 2023 – R-LOGITECH Group, advised by investment bank Perella Weinberg Partners (PWP), is concluding terms with a consortium of investors in order to redeem secured loans at the subsidiary level of the Group, as well as to source additional funding towards the financing of the upcoming maturity of the Notes (2018/2023). The Group and PWP expect to finalise this process within the next four weeks.
As a precautionary measure, R-LOGITECH is asking the Noteholders to extend the maturity of the Notes by up to three months, whereas R-LOGITECH shall be entitled to make payments at any time during this additional period.
For the purpose of these amendments, a resolution of the noteholders is required. Therefore, pursuant to the terms and conditions of the Notes (§ 13 (c)), R-LOGITECH invites all noteholders to a voting without meeting in accordance with § 18 of the German Act on Notes (Schuldverschreibungsgesetz (“SchVG”)). The full invitation will be available today in the German Federal Gazette and on R-LOGITECH’s website at www.r-logitech.com under the heading “Investor Area / Noteholder Voting 2018/2023 Notes”.
For further information:
Brunswick
Patrick Handley, Tom Pigott
+44 (0) 20 7404 5959
Better Orange IR & HV AG
Frank Ostermair, Linh Chung
+49 (0) 89 8896906 25
linh.chung@better-orange.de
R-LOGITECH S.A.M.
investorrelations@r-logitech.com
Friday, 23 September 2022, 16:05 | AD HOC RELEASES
NOT FOR DISTRIBUTION, PUBLICATION OR TRANSMISSION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN OR ANY OTHER COUNTRY IN WHICH THE DISTRIBUTION OF THIS DOCUMENT IS UNLAWFUL.
R-LOGITECH sets final terms for the issue of a new five-year bond
Monaco, September 23, 2022 – The Board of Directors of R-LOGITECH S.A.M. today set the final terms for the issue of a new five-year corporate bond 2022/2027 (ISIN: DE000A3K73Z7) with a volume of up to EUR 250 million and a minimum denomination of EUR 100,000. Based on the institutional bookbuilding process, an interest rate of 10.25% p.a. was resolved. Institutional holders of the notes 2018/2023 bearing interest at 8.5% (ISIN: DE000A19WVN8) can exchange their notes 2018/2023 for the new notes 2022/2027 bearing interest at 10.25%. The exchange and private placement will take place until Monday, September 26, 2022 through Seaport Group Europe LLP, a subsidiary of Seaport Global Holdings LLC (“Seaport”), as lead placement agent, as well as BankM, as exchange and settlement agent, exclusively to qualified investors in Germany and other European countries.
Important Note:
This publication is neither an offer to sell nor a solicitation of an offer to buy or subscribe for any securities. There will be no public offering of any securities of R-LOGITECH.
The notes which are subject to this publication have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), and may not be offered, sold or delivered within the United States of America (the “United States”) to or for the account or benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act. The Issuer will neither offer nor sell or deliver any notes within the United States except in accordance with Rule 903 of Regulation S under the U.S. Securities Act. Accordingly, neither the Issuer nor any of its affiliates nor any person acting on its or their behalf will engage in any directed selling efforts or general solicitation with respect to the notes.
For further information:
Seaport
capitalmarkets@seaportglobal.com
Samir Quadir
+1 (713) 658-6339
Kevin Stone
+1 (713) 658-6332
Jack Mascone
+1 (212) 616-7748
BankM
BankMCapitalMarkets@bankm.de
Brunswick
Patrick Handley, Tom Pigott
+44 (0) 20 7404 5959
Better Orange IR & HV AG
Frank Ostermair, Linh Chung
+49 (0) 89 8896906 25
linh.chung@better-orange.de
R-LOGITECH S.A.M.
investorrelations@r-logitech.com
Monday, 12 September 2022, 10:00 | AD HOC RELEASES
Disclosure of inside information
pursuant to Article 17 of Regulation (EU) No. 596/2014
NOT FOR DISTRIBUTION, PUBLICATION OR TRANSMISSION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN OR ANY OTHER COUNTRY IN WHICH THE DISTRIBUTION OF THIS DOCUMENT IS UNLAWFUL.
R-LOGITECH resolves to issue a five-year bond with a volume of up to EUR 250 million
Monaco, September 12, 2022 – The Board of Directors of R-LOGITECH S.A.M., a leading international port infrastructure operator, has resolved today to launch a private placement to qualified investors in the EEA and certain other jurisdictions for the issuance of a new five-year (2022/2027) EUR 250 million corporate bond. The minimum denomination of the new notes will be EUR 100,000.
The Company has appointed Seaport Group Europe LLP, a subsidiary of Seaport Global Holdings LLC (“Seaport”), as lead placement agent and BankM as exchange and settlement agent. Seaport will lead an institutional book building process, with the final terms of the exchange and private placement to be announced during the week commencing September 19, 2022.
The net proceeds from the private placement of the new notes will be used to (i) repay the maturing EUR 200 million 8.5% notes due 2023 of R-LOGITECH and (ii) for general corporate purposes of the Group.
In connection with the repayment of the 2018/2023 notes, existing institutional holders of the 2018/2023 notes will be offered the opportunity to exchange their 2018/2023 notes on a private placement basis into new notes. The exchange will be offered exclusively to qualified investors in Germany and other European countries, with the final terms to be confirmed during the week commencing September 19, 2022.
Investors may contact their respective sales representatives at Seaport or BankM as per below “For further information”.
Important Note
This publication is neither an offer to sell nor a solicitation of an offer to buy or subscribe for any securities. There will be no public offering of any securities of R-LOGITECH.
The notes which are subject to this publication have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), and may not be offered, sold or delivered within the United States of America (the “United States”) to or for the account or benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act. The Issuer will neither offer nor sell or deliver any notes within the United States except in accordance with Rule 903 of Regulation S under the U.S. Securities Act. Accordingly, neither the Issuer nor any of its affiliates nor any person acting on its or their behalf will engage in any directed selling efforts or general solicitation with respect to the notes.
For further information:
Seaport
capitalmarkets@seaportglobal.com
Samir Quadir
+1 (713) 658-6339
Kevin Stone
+1 (713) 658-6332
Jack Mascone
+1 (212) 616-7748
BankM
BankMCapitalMarkets@bankm.de
Brunswick
Patrick Handley, Tom Pigott
+44 (0) 20 7404 5959
Better Orange IR & HV AG
Frank Ostermair, Linh Chung
+49 (0) 89 8896906 25
linh.chung@better-orange.de
R-LOGITECH S.A.M.
Frédéric Platini
investorrelations@r-logitech.com
Monday, 5 September 2022, 10:00 | AD HOC RELEASES
Monaco, September 5, 2022 – The Board of Directors of R-LOGITECH S.A.M. have today mandated investment banking advisors in order to conduct a market sounding regarding the potential placement of a new 5-year Euro denominated bond.
For further information:
Patrick Handley, Tom Pigott
Brunswick
+44 (0) 20 7404 5959
Frank Ostermair, Linh Chung
Better Orange IR & HV AG
+49 (0) 89 8896906 25
linh.chung@better-orange.de
Frédéric Platini
R-LOGITECH S.A.M.
investorrelations@r-logitech.com
