Tuesday, 6 August 2024, 20:06 | GERMAN, PRESS RELEASE
Luxemburg/Monaco, 6. August 2024 – Die R-Logitech Finance S.A. (“Emittentin”) und die R-Logitech S.A.M. (“Garantin”) informieren ihre Anleihegläubiger, dass die Inhaber der am 26. September 2027 fälligen Anleihe der R-Logitech Finance S.A. (ISIN DE000A3K73Z7) (“Schuldverschreibungen 2022/2027”) in Höhe von bis zu EUR 50 Mio. nach Angaben des als Abstimmungsleiter fungierenden Notars in einer Abstimmung ohne Versammlung, die vom 31. Juli 2024, (0:00 Uhr MESZ) bis zum 2. August 2024 (24:00 Uhr MESZ) stattfand, mit dem erforderlichen Quorum von 89,1% aller ausstehenden Schuldverschreibungen, die an der Abstimmung teilnahmen, und mit 98,53% der abgegebenen Stimmen den Abstimmungsvorschlägen der Emittentin, wie am 16. Juli 2024 veröffentlicht, zugestimmt haben.
Die Beschlüsse spiegeln die bereits von den Inhabern der von der R-Logitech S.A.M. begebenen Schuldverschreibungen 2018/2024 gefassten Beschlüsse wider, insbesondere:
- Änderung von § 4 der Anleihebedingungen, d.h. Möglichkeit der Kapitalisierung der Zinsen anstelle von periodischen Zinszahlungen (PIK-Zinsen).
- Änderung von § 6 der Anleihebedingungen: Fälligkeit der Schuldverschreibungen im Jahr 2026, Rückzahlung und vorzeitige Rückzahlung und Rückzahlungsbeträge analog zu den Schuldverschreibungen 2018/2024;
- Änderung von § 10 (Kündigungsrechte) und zusätzliche Beschränkungen, die die Restricted Group betreffen;
- Gewährung von Sicherheiten (zusammen mit den Schuldverschreibungen 2018/2024);
- Ausgabe von Erwerbsrechten zur Zeichnung eines Instruments zur Gewährung von neuem Kapital, das zu den gleichen Konditionen wie ein von bestimmten Anleihegläubigern, die als Backstop-Investoren fungieren, gewährter Zwischenkredit gewährt wird.
Die vollständige Veröffentlichung der von den Anleihegläubigern gefassten Beschlüsse wird zu gegebener Zeit im Bundesanzeiger und auf der Internetseite der Garantin zu finden sein.
Mit den heute gefassten zusätzlichen Beschlüssen unternimmt die R-Logitech Gruppe den zweiten Schritt für eine einvernehmliche Refinanzierung und Restrukturierung der Anleihen der Gruppe. Die Beschlüsse stehen noch unter bestimmten aufschiebenden Bedingungen und sind noch nicht umgesetzt.
Über R-LOGITECH S.A.M:
Über ihre indirekte Minderheitsbeteiligung an der Euroports-Gruppe profitiert R-LOGITECH von einem der führenden internationalen Hafeninfrastrukturbetreiber und Logistikdienstleister im Rohstoffsektor.
R-LOGITECH S.A.M.
investorrelations@r-logitech.com
Tuesday, 6 August 2024, 20:04 | ENGLISH, Non classé, PRESS RELEASE
Luxembourg/Monaco, 6 August 2024 – R-Logitech Finance S.A. (“Issuer”) and R-Logitech S.A.M. (“Guarantor”) inform their bondholders that according to the notary public acting as chairman of the vote, the holders of the up to EUR 50 million Notes due on 26 September 2027 of R-Logitech Finance S.A. (ISIN DE000A3K73Z7) (“2022/2027 Bonds”) have approved in a vote without meeting held from 31 July 2024, (0:00) CEST until 2 August 2024 (24:00) CEST, reaching the required quorum with 89.1% of all outstanding bonds participating in the vote and with 98.53% of the votes cast voting in favour, the voting proposals of the Issuer as published on 16 July 2024.
The resolutions mirror the resolutions already passed by the holders of the 2018/2024 Notes issued by R-Logitech S.A.M., in particular:
- Amendment of § 4 of the Terms and Conditions of the Notes, i.e. possibility to capitalize the interest instead of periodical interest payments (PIK interest).
- Amendment of § 6 of the Terms and Conditions of the Notes: Notes to mature in 2026, redemption and early redemption and redemption amounts analogously to the 2018/2024 Notes;
- Amendment of § 10 (Events of Default) and additional restrictions affecting the restricted group;
- Provision of Security (shared with the 2018/2024 Notes);
- Issue of purchase rights to subscribe to a new money instrument that benefits from the same terms as an interim loan granted by certain bondholders acting as backstop investors.
The full publication of the resolutions passed by the bondholders can be found in the Bundesanzeiger and on the Guarantor’s website in due course.
With these additional resolutions passed today, R-Logitech Group takes the second step for a consensual refinancing and restructuring of the Group’s bonds. The resolutions are still subject to certain conditions precedent and are not yet implemented.
About R-LOGITECH S.A.M.:
Via its indirect minority participation in Euroports Group, R-LOGITECH benefits from one of the leading international ports infrastructure operators and logistics services providers in the natural resources sector.
R-LOGITECH S.A.M.
investorrelations@r-logitech.com
Wednesday, 26 June 2024, 15:04 | PRESS RELEASE
Monaco, 26 June 2024 – R-Logitech S.A.M. (Company) informs that according to the notary public which acted in its capacity as chairman of the vote of the voting without a meeting which was held from 22 June 2024, (0:00) CEST until 24 June 2024 (24:00) CEST reached the required quorum with 54.45% of the outstanding nominal amount of holders of its 2018/2024 Notes (ISIN: DE000A3LJCA6). The countermotions to Item 1 and Items 3- 6 of the initially proposed resolutions which were initiated by an ad hoc group (Ad Hoc Group) reached a quorum of 51.19% of the outstanding nominal amount. The countermotions and resolutions proposed therewith were followed and supported by the Company in light of an agreement in principle with the Ad Hoc Group for an overall transactional framework.
The following resolutions were passed with the required qualified majority of the votes cast:
- Item 1 – Amendment of § 5 of the Bond Conditions (maturity, redemption, early redemption for tax reasons, at the option of the Issuer or the Bondholders) as proposed via the countermotion was approved by 96.78% of the votes cast;
- Item 2 – Amendment of § 4 (Interest) as proposed by the Company reached 4.47% and was thereby cancelled;
- Item 3 – Amendment of § 8 (Events of Default) as proposed via the countermotion was approved by 96.78% of the votes cast;
- Item 4 – Amendment of § 9 of the bond term and conditions (Additional Obligations) and an associated waiver of a termination right as proposed via the countermotion was approved by 96.78% of the votes cast;
- Item 5 – Amendment of § 3 (Security)as proposed via the countermotion was approved by 96.94% of the votes cast; and
- Item 6 – Issue of purchase rights to subscribe to new bonds against payment of an issue amount) as proposed via the countermotion was approved by 96.93% of the votes cast.
With the resolutions passed today on the 2018/2024 Notes important steps for a consensual refinancing of the Company and the R-Logitech group have been processed to implement the transactions under the transactional framework as outlined in the voting documents. The voting for the 2022/2027 Notes (ISIN: DE000A3K73Z7) is expected to be published shortly.
About R-LOGITECH S.A.M.:
R-LOGITECH is one of the leading international ports infrastructure operators and logistics services providers in the natural resources sector. The group’s primary business lines are port and terminal management and specialist logistics.
R-LOGITECH S.A.M.
investorrelations@r-logitech.com
Wednesday, 26 June 2024, 15:03 | PRESS RELEASE
Monaco, 26. Juni 2024 – R-Logitech S.A.M. (Gesellschaft) teilt mit, dass nach Angaben des Notars, der in seiner Eigenschaft als Abstimmungsleiter der Abstimmung ohne Versammlung fungierte, die vom 22. Juni 2024 (0:00 Uhr MESZ) bis zum 24. Juni 2024 (24:00 Uhr MESZ) stattfand, das erforderliche Quorum mit 54,45% des ausstehenden Gesamtnennbetrags der Inhaber ihrer 2018/2024 Schuldverschreibungen (ISIN: DE000A3LJCA6) erreicht wurde. Die Gegenanträge zu Punkt 1 und Punkt 3 – 6 der ursprünglich vorgeschlagenen Beschlüsse, die von einer Ad-hoc-Gruppe von Anleihegläubigern (Ad-hoc-Gruppe) initiiert wurden, erreichten ein Quorum von 51,19% des ausstehenden Gesamtnennbetrags. Die Gegenanträge und die damit vorgeschlagenen Beschlüsse wurden von der Gesellschaft im Hinblick auf eine grundsätzliche Einigung mit der Ad-Hoc-Gruppe über einen allgemeinen Transaktionsrahmen verfolgt und unterstützt.
Die folgenden Beschlüsse wurden mit der erforderlichen qualifizierten Mehrheit der abgegebenen Stimmen gefasst:
- Punkt 1 – Änderung von § 5 der Anleihebedingungen (Fälligkeit, Rückzahlung, vorzeitige Rückzahlung aus steuerlichen Gründen, nach Wahl der Emittentin oder der Anleihegläubiger), wie über den Gegenantrag vorgeschlagen, wurde mit 96,78% der abgegebenen Stimmen angenommen;
- Punkt 2 – Änderung von § 4 (Zinsen), wie von der Gesellschaft vorgeschlagen, erreichte 4,47% und wurde damit abgelehnt;
- Punkt 3 – Änderung von § 8 (Verzugsfälle), wie im Gegenantrag vorgeschlagen, wurde mit 96,78% der abgegebenen Stimmen angenommen;
- Punkt 4 – Änderung von § 9 der Anleihebedingungen (Zusätzliche Verpflichtungen) und damit verbundener Verzicht auf ein Kündigungsrecht, wie im Gegenantrag vorgeschlagen, wurde mit 96,78% der abgegebenen Stimmen angenommen;
- Punkt 5 – Änderung von § 3 (Sicherheit), wie im Gegenantrag vorgeschlagen, wurde mit 96,94% der abgegebenen Stimmen angenommen; und
- Punkt 6 – Ausgabe von Bezugsrechten zur Zeichnung neuer Schuldverschreibungen gegen Zahlung eines Ausgabebetrages) wurde mit 96,93% der abgegebenen Stimmen angenommen, wie im Gegenantrag vorgeschlagen.
Mit der heutigen Beschlussfassung über die Anleihe 2018/2024 wurden wichtige Schritte für eine konsensuale Refinanzierung der Gesellschaft und der R-Logitech-Gruppe eingeleitet, um die Transaktionen unter den in den Abstimmungsunterlagen dargelegten Rahmenbedingungen durchzuführen. Die Abstimmungsunterlagen für die Schuldverschreibungen 2022/2027 (ISIN: DE000A3K73Z7) werden voraussichtlich in Kürze veröffentlicht.
Über R-LOGITECH S.A.M.:
R-LOGITECH ist einer der führenden internationalen Hafeninfrastrukturbetreiber und Logistikdienstleister im Rohstoffsektor. Die Hauptgeschäftsbereiche der Gruppe sind Hafen- und Terminalmanagement sowie Speziallogistik.
R-LOGITECH S.A.M.
investorrelations@r-logitech.com
Monday, 24 June 2024, 19:00 | PRESS RELEASE
Monaco, 24th June 2024 – R-Logitech S.A., a subsidiary of R-Logitech S.A.M. based in Luxembourg, has completed the sale of a portion of its shares in Thaumas N.V. to its co-shareholders in Thaumas, PMV and SFPIM (as purchasers). The sale is made on the basis of an agreement with its co-shareholders on a share purchase and joint resale of such portion of Thaumas shares that is sufficient to finance the repayment of the secured mezzanine facility of R-Logitech S.A. which matures today. As a consequence of the transaction, the mezzanine facility has been repaid today, and R-Logitech is no longer the majority shareholder in Thaumas.
As indicated in the invitation to vote published on 7 June 2024, the transaction not only eliminates the repayment obligation due, it is also a first step towards a timely sale of the entire 53% stake in Thaumas held by R-Logitech S.A. which will now be pursued jointly by all three shareholders of Thaumas. The proceeds from the sale, subject to a certain compensation to the purchasers over themezzanine repayment amount, will be for the benefit of R-Logitech’s bondholders and new money providers as set out in the invitation to vote published in June 2024. The Company calls on all bondholders to participate in the voting process closing today.
About R-LOGITECH S.A.M.:
R-LOGITECH is one of the leading international ports infrastructure operators and logistics services providers in the natural resources sector. The group’s primary business lines are port and terminal management and specialist logistics.
R-LOGITECH S.A.M.
investorrelations@r-logitech.com
Saturday, 15 June 2024, 21:00 | PRESS RELEASE
Monaco, 15 June 2024 – R-LOGITECH S.A.M. (the “Company” or “R-LOGITECH”) informs that it has reached an agreement in principle with the members of the ad hoc group (the “AHG”) of holders of its EUR 254,324,000 (originally EUR 200 million)10.250% Notes 2018/2024 (the “2024 Notes”) and the up to EUR 50million 10.25% notes 2022/2027 (the “2027 Notes”, and together the “Notes”), which represent more than €100 million of outstanding nominal amount under the Notes. In accordance with the agreement in principle, revised terms of the 2024 Notes that are expected to beproposed to the noteholders include:
– New money to be increased to up to EUR 20 million and to be provided initially in the form of a secured loan that ranks senior to the Notes (the “Interim Facility”), and otherwise on terms provided in the invitation to vote, by, among others, the AHG as backstop investors (the “Backstop Noteholders”) to RL Holding S.A. or its subsidiary, to be granted prior to the implementation of the resolutions;
– All noteholders (who are holders on a record date expected to be prior to the commencement of the voting period) may be offered the opportunity to participate in the new money through the subscription of the new money notes (together with the Interim Facility, the “New Money Instrument”) as currently provided in the invitation to vote which will be offered on the same commercial terms as the Interim Facility after the implementation of the resolutions;
– The Notes and the New Money Instrument (ranking senior) will have recourse to any proceeds of the sale of shares held by the group in Thaumas N.V. and other group assets. A comprehensive asset sale regime will be included in the Notes terms. The net proceeds of any such asset sales shall be distributed as a redemption amount to the noteholders in accordance with the distribution waterfall. The distributionwaterfall will be amended in favor of existing noteholders as follows;
o For net sale proceeds (i.e., after redemption of the Mezzanine Facility, costs and the New Money Instrument) up to EUR 80 million:
▪ 48% pro rata to all holders of the Notes;
▪ 47% pro rata to the providers of the Interim Facility and the new money notes (the “New Money Providers”);
▪ 5% pro rata to the Backstop Noteholders;
o For net sale proceeds more than EUR 80 million and up to EUR 100 million:
▪ EUR 10 million for the Company;
▪ 48% pro rata to all holders of the Notes;
▪ 47% pro rata to the New Money Providers;
▪ 5% pro rata to the Backstop Noteholders;
o For net sale proceeds of more than EUR 100 million:
▪ 15% for the Company;
▪ 40% pro rata to all holders of the Notes;
▪ 40% pro rata to the New Money Providers;
▪ 5% pro rata to the Backstop Noteholders;
– Interest to continue to accrue at the current rate on the Notes and be paid in kind (payable upon maturity subject to redemption of the Notes in full upon payment of proceeds from all sale processes);
– Security package in favor of the Notes will stay in place as is (subject to release for the envisaged sale processes or in connection with the New Money Instrument);
– Maturity of the 2024 Notes to be extended to mirror the maturity date of the New Money Instrument, expected to be 1.5 yearswith the possibility to extend under certain circumstances;
– a chief restructuring officer (CRO) will be appointed at closingat certain pre-agreed terms; and
– Certain additional covenants.
In addition, it is envisaged that the Company will offer to all holders of the Notes a buyback of the Notes for cash in an amount equal to 5% of their principal amount, up to an aggregate of €60,000,000, which amount will be shared pro rata if the exchange is oversubscribed. Accordingly, R-Logitech will commit to a corresponding tender offer following the implementation of the resolutions.
R-LOGITECH believes that this proposal provides the Company and its stakeholders with adequate time and support to run a comprehensive sales process for its major asset, the stake in Thaumas, The Company, the AHG, the Common Representative of the Notes and other large holders of the Notes are currently negotiating and expect to enter into a restructuring supportagreement to support the restructuring of the Company on these terms, with R-LOGITECH recommending, the noteholders vote in favor of the revised resolutions proposed by the AHG.
The above amendments will be formally introduced by way of a countermotion from the AHG. As soon as the countermotion has been received, noteholders will find the countermotion alongside with amended voting forms for the upcoming noteholders’ meeting to be held by way of a meeting without vote during the period from 22 June 2024 0:00 CEST until 24 June 2024 (24:00) CEST on the Company’s website (www.r-logitech.com) under “https://www.r-logitech.com/bond/”. Noteholders are asked to use the amended voting form accordingly.
About R-LOGITECH S.A.M.:
R-LOGITECH is one of the leading international ports infrastructure operators and logistics services providers in the natural resources sector. The group’s primary business lines are port and terminal management and specialist logistics.
R-LOGITECH S.A.M.
investorrelations@r-logitech.com
