Jøtul AS will initiate written procedures and provide an update on its financial situation
Jøtul AS (“Issuer” and its subsidiaries,group) is offering up to NOK 600 million of senior secured floating rate notes (“Senior Secured Floating Rate Notes”) of issuer with ISIN number NO0013106666.Bonds) will commence a written procedure inviting noteholders to vote in favour of amendments and waivers to certain provisions under the terms of the notes, including, among other things, the obligation to comply with the maintenance covenants during 2024, the Group’s audited consolidated financial statements for the financial year 2023 and the Group’s unaudited interim consolidated report for the quarter ending 31 March 2024 (the “suggestion” ) (“Written ProceduresFurther details of the proposal are set out in the written Notice of Proceedings.
As compensation for its acceptance of the Proposal, the Company will pay a consent fee in an amount equal to 2.50% of the face amount of each Note, subject to the terms and conditions set forth in the written Notice of Proceedings.
In conjunction with the written procedures, the issuer will also provide an update on its financial position. As of the first quarter of 2024, the issuer Proforma Sales revenue of NOK 267.6 million, Proforma Adjusted EBITDA was NOK -17.3 million. For the full year 2024, the issuer expects NOK 1,454.2 million. Proforma Net sales of NOK 160.6 million Proforma Adjusted EBITDA.
Written notice of the proceedings will be sent to all Noteholders via the CSD on May 28, 2024 and will be available on the Company's Investor Relations website athttps://jotulgroup.com/bondsThe last day to vote by written vote is June 20, 2024.
For further information, please contact:
Jotul AS
Nils Agnar Brunnborg
Phone: +47 906 05 578
Email: Nils Brunnborg@jotul.no
Jøtul is one of the oldest stove, insert and fireplace manufacturers in the world. Built on proud Norwegian tradition, Jøtul has been combining superior craftsmanship with cold weather technology for 170 years. Headquartered in Fredrikstad, Norway, Jøtul has five well-known brands – Jøtul, Scan, Ild, Ravelli and Atra – and proudly distributes to 45 countries around the world.
This is information that Jøtul AS is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication by the above-mentioned contact person on 27 May at 10:00 CEST. 2024.
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