Subject: ACC
ITAB has Renegotiated Terms of its Credit Facilities and Intends to Enter Into Short-term Shareholders' Loans Subject to General Meeting Approval
JÖNKÖPING, Sweden, June 25, 2020 /PRNewswire/ -- Under the Nordea facility, the parties have agreed to realign the debt structure into a long-term facility of EUR 100,000,000 and short-term facility of EUR 75,000,000. The total credit facility will hereafter be EUR 175,000,000. The available credit for ITAB under the facility from Svensk Exportkredit remains unchanged.
ITAB will be subject to interim financial covenants under both the Nordea and the Svensk Exportkredit facilities. The interim financial covenants are adapted to support ITAB in the current market environment impacted by COVID-19. The facilities will be used for running business operations.
As part of the total refinancing solution, the board of directors has agreed on the terms for short-term shareholders' loans with Pomona-gruppen AB (controlled by board member Fredrik Rapp), VIEM Invest AB (controlled by board member Anna Benjamin) and Övre Kullen AB (controlled by board member Petter Fägersten). In total, the loans amount to SEK 140,000,000 and will be used for repayment of the outstanding convertible loan. The execution of these shareholders' loans is subject to approval by a general meeting as these transactions constitute closely-related parties transactions under Chapter 16 a of the Swedish Companies Act. The company will summon such extraordinary general meeting within short by way of a separate press release.
As previously communicated, ITAB has appointed an independent financial adviser to support our work with assessing and pursuing financial options which will allow ITAB to transform its business and consolidate its market position as the leading retail solution provider. This new arrangement with our banking partners is an important pillar of that activity.
This information is such information that ITAB Shop Concept AB (publ) is obliged to make public under the EU's Market Abuse Regulation. The information was submitted for publication at 5.40 p.m. on 25 June 2020.
CONTACT:
For further information, please contact:
ITAB Shop Concept AB
CEO Andréas Elgaard
Telephone: +46-36-31-73-00
Mobile: +46-73-232-16-35
Box 9054, SE-550 09 JÖNKÖPING
Telephone: +46-36-31-73-00
itab.com, itabgroup.com
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