Category

Corporate Bond

Update regarding the transaction described in the written procedure notice as of 15 April 2019

As communicated by West Atlantic AB (publ) (the “Company”) in the written procedure notice as of 15 April 2019 (the “Notice”), certain transaction agreements had to be entered into between the Company and the SPV no later than 31 May 2019. These transaction agreements have now all been entered into and the reorganisation will thus proceed as set out in the Notice.

Terms not otherwise defined herein shall have the same meaning as in the Notice.

On 3 June 2019, the Company made a partial prepayment of the Existing Bonds in the total amount of SEK 107,548,800, relating to the Equity Contribution received from LUSAT.

Furthermore, it has been decided that LUSAT will acquire the Repurchased Aircraft directly from the Company and its subsidiaries (and not from the SPV) and that the consideration for these aircraft, amounting to EUR 25,000,000, will be used to amortise the Existing Bonds as soon as possible following the payment from LUSAT. The purchase of these aircraft is expected to occur by end of June 2019. The amortisation will follow thereafter, taking into consideration the rules of Euroclear Sweden. The Company will send a press release well in advance of such amortisation in accordance with the Terms and Conditions. When such amortisation has taken place, the last step of the reorganisation, the Mandatory Bond Exchange, will follow, most likely in August 2019.

The relevant parties are working on the outstanding work streams in order to have the new structure and the reorganisation completed as soon as possible. The exact timing of the Mandatory Bond Exchange and the record date for being entitled to participate in the exchange will be communicated by the Company in a press release and by regular mail to the bondholders prior to such exchange are being made.

 

For further information, please contact:

Lars Jordahn, CEO

Telephone: +46 (0) 10 452 9595

E-mail: lars.jordahn@westatlantic.eu

 

This information was submitted for publication at 20.00 CET on 11 June 2019.

 

About West Atlantic

The West Atlantic Group is one of the market leading providers of dedicated airfreight services to European NMO’s and airfreight capacity to Global Integrators and Freight Forwarders. The Group has a well-established geographic network and operates a customised aircraft fleet, whereof a majority is wholly owned. West Atlantic was founded in 1962 and is headquartered in Gothenburg, Sweden. Operations are performed all over Europe and 2018 West Atlantic had 461 employees. For 2018 West Atlantic reported revenues of MSEK 1,813 and EBITDA of MSEK 156.

West Atlantic AB (publ) Org. no: 556503-6083, Box 5433, SE-402 29 Gothenburg, Sweden

Investor Relations: investor.relations@westatlantic.eu Webpage: www.westatlantic.eu

 

Press Release

Notice of mandatory partial prepayment at par

West Atlantic AB (publ) (the “Company”) hereby informs the bondholders in its outstanding bond loan with ISIN SE0007783840 (the “Bonds”) that it will make a mandatory partial prepayment of the Bonds at par in accordance with clause 11.7.1 of the terms and conditions of the Bonds (the “Terms and Conditions”) and as set out in the notice to written procedure concluded on 7 May 2019.

Unless otherwise defined herein, all defined terms in the Terms and Conditions shall have the same meaning herein.

The Company has received the Equity Contribution from LUSAT and will prepay the Bonds pro rata (with no payment of Interest). The prepayment will be made by way of reduction of the Nominal Amount (rounded off to a multiple of SEK 1.00).

The prepayment will be made to those bondholders that holds Bonds on the Record Date being 24 May 2019 and payment will be made on 3 June 2019.

The total amount to be repaid amounts to SEK 107,548,800. Following the partial prepayment, the total outstanding nominal amount under the Bonds will be SEK 742,451,200.

In addition to the amortisation above, an amortisation will be made in the amount of EUR 25,000,000. Information about this forthcoming amortisation will be communicated as soon as it has been decided when the transfer of the Boeing and CRJ aircraft to LUSAT will be made.

 

For further information, please contact:

Göran Berglund, Chairman of the Board

Telephone: +46 (0) 10 452 95 00

E-mail: goran.berglund@westatlantic.eu

 

This information was submitted for publication at 20.00CEST on 17 May 2019.

 

About West Atlantic

The West Atlantic Group is one of the market leading providers of dedicated airfreight services to European NMO’s and airfreight capacity to Global Integrators and Freight Forwarders. The Group has a well-established geographic network and operates a customised aircraft fleet, whereof a majority is wholly owned. West Atlantic was founded in 1962 and is headquartered in Gothenburg, Sweden. Operations are performed all over Europe and 2018 West Atlantic had 461 employees. For 2018 West Atlantic reported revenues of MSEK 1,813 and EBITDA of MSEK 156.

West Atlantic AB (publ) Org. no: 556503-6083, Box 5433, SE-402 29 Gothenburg, Sweden

Investor Relations: investor.relations@westatlantic.eu  Webpage: www.westatlantic.eu

Press Release

Amended corporate bond terms & conditions for West Atlantic AB (publ)

Reference is made to West Atlantic AB (publ) (the “Issuer”) amendments and waivers to the terms and conditions of West Atlantic’s bond loan, approved by the bondholders in a written procedure concluded on 7 May 2019.

Bond Terms and Conditions, amended 7 May

 

For further information, please contact:

Magnus Dahlberg, CFO

Telephone: +46 (0) 10 452 95 49

E-mail: magnus.dahlberg@westatlantic.eu

 

 

About West Atlantic 
The West Atlantic Group is one of the market leading providers of dedicated airfreight services to European NMO’s and airfreight capacity to Global Integrators and Freight Forwarders. The Group has a well-established geographic network and operates a customised aircraft fleet, whereof a majority is wholly owned. West Atlantic was founded in 1962 and is headquartered in Gothenburg, Sweden. Operations are performed all over Europe and 2018 West Atlantic had 461 employees. For 2018 West Atlantic reported revenues of MSEK 1,813 and EBITDA of MSEK 156.

West Atlantic AB (publ) Org. no: 556503-6083, Box 5433, SE-402 29 Gothenburg, Sweden

Investor Relations: investor.relations@westatlantic.eu  Webpage: www.westatlantic.eu

West Atlantic AB (publ) receives approval from the bondholders in the written procedure to restructuring its senior secured bond loan

On 15 April 2019 a notice to bondholders’ meeting by way of procedure in writing (the “Notice”) was sent to the bondholders in West Atlantic AB (publ)’s (the “Company”) bond loan with ISIN SE0007783840 (the “Bonds”).

Terms not otherwise defined herein shall have the same meaning as in the terms and conditions of the Bonds (the “Terms and Conditions”) or as set out in the Notice (as applicable).

The time for replies expired on 7 May 2019 and a sufficient number of votes were obtained to form a quorum and the proposed Request obtained acceptance from 100 per cent of the votes cast. The terms and conditions of the Bonds will therefore be amended and the Transaction will be consummated subject to the conditions set out the Notice.

Following the Equity Contribution, the newly issued shares to LUSAT will be registered with the Swedish Companies Registrations Office (Sw. Bolagsverket) and no Change of Control Event will have occurred.

As part of the Transaction, the Company will amortise the Bonds by way of a partial prepayment and more details about the amortisation will be made available by the Company in a separate press release to come.

The Company and LUSAT will, together with the Holders’ Representatives, initiate all relevant work streams in order to establish the new structure.

Additional information and timing regarding the Mandatory Bond Exchange will be communicated to the bondholders through a press release and by regular mail once the new structure has been set.

The amendments to the Terms and Conditions are effective as from 7 May 2019.

 

For further information, please contact:

Göran Berglund, Chairman of the Board

Telephone: +46 (0) 10 452 95 00

E-mail: goran.berglund@westatlantic.eu

 

This information is information that West Atlantic AB (publ) 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 7 May 2019, 20.00CEST.

 

About West Atlantic

The West Atlantic Group is one of the market leading providers of dedicated airfreight services to European NMO’s and airfreight capacity to Global Integrators and Freight Forwarders. The Group has a well-established geographic network and operates a customised aircraft fleet, whereof a majority is wholly owned. West Atlantic was founded in 1962 and is headquartered in Gothenburg, Sweden. Operations are performed all over Europe and 2018 West Atlantic had 461 employees. For 2018 West Atlantic reported revenues of MSEK 1,813 and EBITDA of MSEK 156.

 

West Atlantic AB (publ) Org. no: 556503-6083, Box 5433, SE-402 29 Gothenburg, Sweden

Investor Relations: investor.relations@westatlantic.eu  Webpage: www.westatlantic.eu

 

Press release

West Atlantic AB (publ) initiates a written procedure regarding a restructuring of its senior secured bonds 2015/2019

West Atlantic AB (publ) (the “Company” and together with its subsidiaries “Group”) summons a meeting among the bondholders by way of a procedure in writing (the “Written Procedure”) for its outstanding bonds 2015/2019 with ISIN SE0007783840 with an aggregate amount outstanding of SEK 850,000,000 (the “Bonds”).

As announced by the Company by way of a press release on 9 April 2019, the Company has entered into a memorandum of understanding with its current shareholders, LUSAT AIR S.L. (“LUSAT”) and certain major bondholders, holding approximately 32 per cent. of the Bonds, with the purpose to refinance the Group and to agree on a procedure for the repayment of the Bonds (the “Transaction”).

LUSAT has, in accordance with the memorandum of understanding, subscribed for new ordinary shares in the Company and has become the majority shareholder. A temporary waiver has been approved by the agent Nordic Trustee & Agency AB (publ) regarding the change of control event clause set out in the terms and conditions of the Bonds. The waiver, with the effect that no bondholder may exercise the put option right, is conditional until the earlier of (i) the Transaction is approved or rejected by the bondholders under the Written Procedure and (ii) 15 May 2019.

The Company has today instructed Nordic Trustee & Agency AB (publ), being the agent under the Bonds, to send a notice to a Written Procedure to all bondholders directly registered in the Company’s debt ledger held with Euroclear Sweden in order to receive the bondholders’ approval of the Transaction. The bondholders’ committee has undertaken to vote in favour of the Transaction.

The notice to the Written Procedure, describing the Transaction and the requests to the bondholders, is available at the Company’s webpage https://westatlantic.eu/investors/ and at Stamdata (www.stamdata.com).

For questions regarding the administration of the Written Procedure, please contact the agent at voting.sweden@nordictrustee.com or +46 8 783 79 00.

For questions relating to the Bond, please contact Markus Wirenhammar, Mw@paretosec.com, +46 708 72 51 86, or your dedicated broker within Pareto Securities.

 

Notice of written procedure 

 

For further information, please contact:

Göran Berglund, Chairman of the Board

Telephone: +46 (0) 10 452 95 00

E-mail: goran.berglund@westatlantic.eu

 

This information was submitted for publication at 20.00 CEST on 15 April 2019.

 

About West Atlantic

The West Atlantic Group is one of the market leading providers of dedicated airfreight services to European NMO’s and airfreight capacity to Global Integrators and Freight Forwarders. The Group has a well-established geographic network and operates a customised aircraft fleet, whereof a majority is wholly owned. West Atlantic was founded in 1962 and is headquartered in Gothenburg, Sweden. Operations are performed all over Europe and 2018 West Atlantic had 461 employees. For 2018 West Atlantic reported revenues of MSEK 1,813 and EBITDA of MSEK 156.

 

West Atlantic AB (publ) Org. no: 556503-6083, Box 5433, SE-402 29 Gothenburg, Sweden

 

Investor Relations: investor.relations@westatlantic.eu  Webpage: www.westatlantic.eu

 

Press Release

West Atlantic AB (publ) has entered into a memorandum of understanding with its current shareholders, LUSAT and certain major bondholders whereby LUSAT will become the new majority shareholder

As communicated by West Atlantic AB (publ) (the “Company”, including its subsidiaries the “Group”) in a press release dated 18 March 2019, the Company has been discussing principal terms with LUSAT AIR S.L. (“LUSAT”) and certain major bondholders holding bonds in the Company’s outstanding bond loan with ISIN SE0007783840 (the “Bonds”) for a refinancing of the Group. The offer made by LUSAT has been accepted amongst the shareholders of the Company and certain major bondholders and the parties have today entered into a memorandum of understanding.

The Company has resolved to issue new ordinary shares to LUSAT and as payment for the ordinary shares, LUSAT will provide an equity contribution in the amount of EUR 20 million, conditional to the approval by the bondholders of the written procedure accepting the complete transaction. It is a requirement that the subscription of the new ordinary shares, due to Brexit, occur on or around 10 April 2019, which will result in LUSAT becoming the majority shareholder in the Company. The allocation of the shares to LUSAT will give rise to a change of control event under the terms and conditions of the Bonds. However, the trustee under the Bonds has, based on instructions from the Company and the major bondholders, agreed to a temporary and conditional waiver in respect of the Company’s obligation to repurchase any Bonds, until the written procedure has been held and the transaction, including the change of control, been formally approved by the bondholders in accordance with the terms and conditions of the Bonds.

Of the equity contribution, EUR 10 million will be used to partially amortise the Bonds at par and the other EUR 10 million will be used for capital needs within the Group.

I am delighted to welcome LUSAT – an experienced aviation company – as new majority shareholder. Beside the new equity contribution there will also be synergies and benefit of scale for the Group going forward. This is very positive news for our customers and employees”, says Lars Jordahn, CEO of the Company.

The Company will call for a bondholders’ meeting by way of written procedure as soon as possible and by no later than 15 April 2019 in order for the bondholders to approve the transaction, the change of control and the offer from LUSAT.

Following approval of the transaction by the bondholders, the Company will immediately amortise the Bonds with EUR 10 million as being described above. The remaining claim under the Bonds will be transferred to a SPV entity. The SPV will issue a new bond (by a mandatory exchange of the Bonds) corresponding to the remaining claim (the “New Bond”) and will accede certain assets such as ATP aircraft, the ATP warehouse of the Company, rights to payments under certain lease agreements and certain Boeing 737-400, Boeing 737-300 and CRJ of which the latter will be repurchased in close connection herewith by LUSAT in an amount of EUR 25 million which will be used to amortise the New Bond issued by the SPV. The SPV will initiate a selling process as regards the ATP fleet and the amounts received from such sales will be used for amortisation under the New Bond. The New Bond will have a tenor of three years and an interest rate of 6.00 per cent. during the first year from issuance, 7.00 per cent. during the second year from issuance and 8.00 per cent. during the third year from issuance. In the event the bondholders will not be fully repaid from the assets transferred to the SPV, the bondholders will have a pledge related to LUSAT’s purchase price for the shareholders’ shares which amount to approximately SEK 270 million to be paid accordingly to a SPA concerning all shares owned by the Company’s shareholders before the equity increase.

Additional information will be provided in the notice to the written procedure.

Pareto Securities AB has been retained as financial advisor and Gernandt & Danielsson Advokatbyrå KB has been retained as legal advisor to the Company.

Mesana Capital has been retained as financial advisor to LUSAT.

Questions relating to the bond may be directed to Markus Wirenhammar, Mw@paretosec.com, +46 708 72 51 86, or your dedicated broker within Pareto Securities.

 

For further information, please contact:

Göran Berglund, Chairman of the Board

Telephone: +46 (0) 10 452 95 00

E-mail: goran.berglund@westatlantic.eu

 

This information is information that West Atlantic AB (publ) 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 2019-04-09, 09:45 CET.

 

Press release 

 

About West Atlantic

The West Atlantic Group is one of the market leading providers of dedicated airfreight services to European NMO’s and airfreight capacity to Global Integrators and Freight Forwarders. The Group has a well-established geographic network and operates a customised aircraft fleet, whereof a majority is wholly owned. West Atlantic was founded in 1962 and is headquartered in Gothenburg, Sweden. Operations are performed all over Europe and 2018 West Atlantic had 461 employees. For 2018 West Atlantic reported revenues of MSEK 1,813 and EBITDA of MSEK 156.

West Atlantic AB (publ) Org. no: 556503-6083, Box 5433, SE-402 29 Gothenburg, Sweden

Investor Relations: investor.relations@westatlantic.eu  Webpage: www.westatlantic.eu

West Atlantic AB (publ) has initiated discussions with a new potential shareholder and with certain major bondholders regarding refinancing of the group

West Atlantic AB (publ) (the “Company”, including its subsidiaries the “Group”), LUSAT, a holding company owning SWIFTAIR and AVIATION LEASING SPAIN (among other entities) (“LUSAT”) and certain major bondholders holding bonds in the Company’s outstanding bond loan with ISIN SE0007783840 (the “Bonds”) are discussing principal terms for a refinancing of the Group.

LUSAT has made an offer to the shareholders of the Company and the bondholders as regards the repayment of the Bonds (the “Offer”). The Offer includes several different features such as an equity injection in the company and pre-agreed assets to be allocated to the bondholders.

Provided that the transaction will materialise, a partial amortisation will be made to the bondholders and the remaining claim of the bondholders will be transferred to a SPV entity which will accede certain pledged assets under the Bonds and certain other assets and which will issue new bonds to the bondholders in exchange for the existing Bonds, with the purpose to reimburse the bondholders’ remaining claim by way of realisation of the assets held by the SPV.

The Offer is subject to more detailed discussions and certain conditions including approval by the bondholders at a written procedure and approval by the Company’s board of directors. Additional information will be provided once available.

 

For further information, please contact:

Göran Berglund, Chairman of the Board

Telephone: +46 (0) 10 452 95 00

E-mail: goran.berglund@westatlantic.eu

 

Pareto Securities AB has been retained as financial advisor by the Company, and questions relating to the bond may be directed to Markus Wirenhammar, Mw@paretosec.com, +46 708 72 51 86, or your dedicated broker within Pareto Securities.

 

This information is information that West Atlantic AB (publ) 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 2019-03-18, 22:00 CET.

 

About West Atlantic

The West Atlantic Group is one of the market leading providers of dedicated airfreight services to European NMO’s and airfreight capacity to Global Integrators and Freight Forwarders. The Group has a well-established geographic network and operates a customised aircraft fleet, whereof a majority is wholly owned. West Atlantic was founded in 1962 and is headquartered in Gothenburg, Sweden. Operations are performed all over Europe and 2018 West Atlantic had 461 employees. For 2018 West Atlantic reported revenues of MSEK 1,813 and EBITDA of MSEK 156.

West Atlantic AB (publ) Org. no: 556503-6083, Box 5433, SE-402 29 Gothenburg, Sweden

Investor Relations: investor.relations@westatlantic.eu  Webpage: www.westatlantic.eu

 

Press Release

Working capital facility of MSEK 75 secured

West Atlantic AB (publ) has secured a new working capital facility of up to MSEK 75 in order to improve its financial position in support of continued growth.

Reference is made to West Atlantic AB (publ) (the “Issuer”) amendments and waivers to the terms and conditions of West Atlantic’s bond loan, approved by the bondholders in a written procedure concluded on 1 February 2018 which permit any reputable bank, in their capacity as provider of the group’s working capital facility, to share the transaction security provided under the Issuer’s bond loan, where the bank will rank ahead in the waterfall up to a maximum amount of MSEK 75.

Revised terms and conditions are available on the Group’s home page, https://westatlantic.eu/category/corporate/

 

For further information, please contact:

Magnus Dahlberg, CFO

Telephone: +46 (0) 10 452 95 49

E-mail: magnus.dahlberg@westatlantic.eu

 

This information is information that West Atlantic AB (publ) 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 2018-08-28, 15:30 CET.

 

About West Atlantic

The West Atlantic Group is one of the market leading providers of dedicated airfreight services to European NMO’s and airfreight capacity to Global Integrators and Freight Forwarders. The Group has a well-established geographic network and operates a customised aircraft fleet, whereof a majority is wholly owned. West Atlantic was founded in 1962 and is headquartered in Gothenburg, Sweden. Operations are performed all over Europe and 2017 West Atlantic had 459 employees. For 2017 West Atlantic reported revenues of MSEK 1,589 and EBITDA of MSEK 126.

West Atlantic AB (publ) Org. no: 556503-6083, Box 5433, SE-402 29 Gothenburg, Sweden

Investor Relations: investor.relations@westatlantic.eu  Webpage: www.westatlantic.eu

Press Release

West Atlantic AB (publ) receives equity contribution to the value of MSEK 31.7

As communicated in the interim report for the last quarter of 2017, certain shareholders have contributed equity to the group (the “Equity Contribution”).

An extraordinary meeting has been held whereby shareholders resolved on a new share issue in West Atlantic AB (publ) (“West Atlantic”). The subscription period and registration of the new shares has now been finalised. 15,864,205 of preferred shares have been issued at a subscription price of SEK 2 per share. Through the new share issue, the preferred shares in West Atlantic increases by 15,864,205, from 0 to 15,864,205 and the share capital increases by SEK 15,864,205 from SEK 27,004,640 to SEK 42,868,845.

Due to the earlier communicated Equity Contribution now having been completed, the proposed amendments and waivers to the terms and conditions of West Atlantic’s bond loan, approved by the bondholders in a written procedure concluded on 1 February 2018, which were subject to the completion of the Equity Contribution, will now become effective.

For further information, please contact:

Magnus Dahlberg, CFO

Telephone: +46 (0) 10 452 95 49

E-mail: magnus.dahlberg@westatlantic.eu

This information is information that West Atlantic AB (publ) 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 2018-04-04, 08.00 CET.

 

About West Atlantic

The West Atlantic Group is one of the market leading providers of dedicated airfreight services to European NMO’s and airfreight capacity to Global Integrators and Freight Forwarders. The Group has a well-established geographic network and operates a customised aircraft fleet, whereof a majority is wholly owned. West Atlantic was founded in 1962 and is headquartered in Gothenburg, Sweden. Operations are performed all over Europe and 2017 West Atlantic had 459 employees. For 2017 West Atlantic reported revenues of MSEK 1,589 and EBITDA of MSEK 126.

West Atlantic AB (publ) Org. no: 556503-6083, Box 5433, SE-402 29 Gothenburg, Sweden

Investor Relations: investor.relations@westatlantic.eu  Webpage: www.westatlantic.eu

Press Release