Disclosure of inside information pursuant to Article 17 of Regulation (EU) No 596/2014
Berlin, 9 November 2023 - Against the background of the current market environment, ACCENTRO Real Estate AG ("Company") has decided to propose to the holders of its 2020/2023 bond (now 2020/2026, ISIN DE000A254YS5 - the "Bond") a new concept for mandatory special redemptions and interest, which includes the postponement of mandatory special redemptions and the deferral of the interest payment that would otherwise become due in February 2024.
The Bond with an outstanding nominal value of EUR 225 million provides, among other things, the obligation that after a first partial redemption of EUR 25 million in March 2023, a further partial redemption of the Bond totalling EUR 40 million must be made by 31 December 2023 at the latest. According to the current conditions, the Bond must also be redeemed by a total of at least EUR 130 million by 31 December 2024 and by a total of at least EUR 150 million by 28 February 2025.
Against the background of the continuing weak market environment and the market prices achievable under these conditions, the Company has concluded that the implementation of the previously agreed partial redemption would have required an inflow of liquidity through portfolio sales, which could currently only be realised at market prices that do not reflect the higher inherent value from the Company's perspective.
The talks following the expression of interest by NongHyup Bank Co. Ltd. and Nox Capital Holding GmbH have also not yet led to sufficient results, meaning that no further funding can be expected in time.
The Company has therefore decided to convene a vote without a meeting imminently, at which a decision will be taken on, among other things, postponing the first mandatory special redemption by one year to 31 December 2024 and postponing the other mandatory special redemptions to 30 June 2025 and 31 December 2025. In addition, the Company intends to put to a vote a deferral of the interest payment that would otherwise become due in February 2024 until 31 December 2024.
The Company made the decision to invite to a vote without a meeting against the background of negotiations with a group of major bondholders and their advisors on a new structure for mandatory special redemptions and interest. Based on these negotiations, which lasted several weeks, the Management Board has now decided to propose the described new concept for mandatory special redemptions and interest to all bondholders.
A corresponding investor presentation will shortly be made available on the Company's website (https://investors.accentro.de/en/news/presentation).
Thomas Eisenlohr, Head of Investor Relations Phone: +49 (0)30 887181272 firstname.lastname@example.org
Berlin, 9 November 2023
The Management Board ACCENTRO Real Estate AG Kantstraße 44/45 D-10625 Berlin
ISIN: DE000A0KFKB3 / DE000A3H3D51 / DE000A254YS5
Stock exchange: Frankfurt Stock Exchange, regulated market (Prime Standard) / Luxembourg Stock Exchange
ACCENTRO Real Estate AG
+49 (0)30 88 71 81 272