Nottingham, 22 May 2025 – Impala Bondco Plc (the “Company” and together with its subsidiaries, the “Group“) announces that it has instructed the agent for the Company’s up to SEK 500,000,000 senior secured bonds with ISIN NO0011117145 (the “Bonds“) to initiate a written procedure to request that the holders of the Bonds to vote in favour of certain proposed amendments and waivers.
The Company is currently exploring various potential divestments of parts of its operation as part of the Group’s future strategy and in particular a potential divestment of ContentKeeper and Impero Solutions and/or any of its respective assets to a third-party acquirer (any such divestment being referred to as a “Transaction“). To facilitate such Transactions, the Company may require to undertake certain intra-group restructuring measures in order to effect a Transaction (a “Reorganisation“).
In order to facilitate a Transaction and a Reorganisation, the Company is seeking bondholders’ approval to, amongst other things: (i) waive the conditions relating to asset disposals, mandatory partial redemption and nature of the business, in each case in relation to a Transaction and (ii) waive the maintenance covenant in respect of the leverage ratio. Furthermore, the requests made pursuant to the notice of the written procedure include an amendment of the notice period for future written procedures (to ten business days from fifteen business days). Further the requests will also include the addition of a restriction on the Company selling Bonds held by it. Further details and the terms of the requests are set out in detail in the notice to the written procedure.
The requests set out in the notice to the written procedure have been discussed with the larger holders of the Bonds and the Company is comfortable that such bondholders will vote in favour of the requests.
As further specified in the notice to the written procedure, upon a Transaction materialising, the Company shall within 3 weeks from closing launch a tender offer and apply 80 percent. of the net cash proceeds from a Transaction to buy back Bonds at a price equal to 70 per cent. of the nominal amount (including accrued but unpaid interest), to be announced separately by way of a press release. A minimum amount of SEK 250,000,000 (or its equivalent in any other currency) shall be received from a Transaction and any excess cash from the Transaction and the tender offer shall remain in the Group to be used for general corporate purposes.
The notice to the written procedure will be delivered to all holders of Bonds through the CSD and will include additional information and risk factors for holder of the Bonds to consider. The written procedure will end on 25 June 2025. To be eligible to participate in the written procedure, a person must fulfil the formal criteria for being a Bondholder on 27 May 2025.
The notice to the written procedure is available on the Company’s website (www.imperosoftware.com) and on Stamdata (www.stamdata.com).
For further information, please contact:
Adrian Muniz, CFO
Telephone: +44 33 0128 11 55
Email: [email protected]
Information:
This information is information that Impala Bondco plc is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 09:00 CEST on 22 May 2025.
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The following document is available for download: