Category

Regulatory Releases

The mandatory bond exchange is completed

Reference is made to West Atlantic AB (publ) (the “Company”) announcements on 2 and 8 August 2019. The manda-tory bond exchange was completed on 14 August, whereby each existing bond with ISIN SE0007783840 (the “Existing Bonds”) issued by the Company was exchanged into a new bond with ISIN SE0012930089 (the “New Bonds”) issued by Swedish ATP Management AB (“SAM”). The Existing Bonds were delisted from Nasdaq Stockholm on 13 August 2019 and cancelled, following the mandatory bond exchange, on 14 August 2019.

The terms and conditions for the New Bonds are available on Stamdata (www.stamdata.com) and SAM’s website (atpcargo.com). The website will be updated with more information in relation to SAM and the New Bonds in due course.

 

For further information in relation to Swedish ATP Management AB, please contact:
Stefan Sundberg, CEO Swedish ATP Management AB
Telephone: +46 (0) 70 558 58 65
E-mail: stefan@atpcargo.com

 

For further information in relation to West Atlantic AB (publ), please contact:
Lars Jordahn, CEO
Telephone: +46 (0) 10 452 95 95
E-mail: lars.jordahn@westatlantic.eu

 

This information was submitted for publication at 17.00 CEST on 15 August 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 cus-tomised 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 bond delisting

West Atlantic AB (publ) (the “Company”) announced on 2 August 2019 that it will implement the mandatory securities exchange, whereby each existing bond with ISIN SE0007783840 (the “Existing Bonds”) will be exchanged into a new bond (the “New Bonds”) to be issued by Swedish ATP Management AB (“SAM”).

The Company hereby informs that the Existing Bonds will be delisted from Nasdaq Stockholm on 13 August 2019.

The terms and conditions for the New Bonds will be made available on Stamdata (www.stamdata.com) from and including 12 August 2019.

 

For further information, please contact:
Lars Jordahn, CEO
Telephone: +46 (0) 10 452 95 95
E-mail: lars.jordahn@westatlantic.eu

 

This information was submitted for publication at 20.30 CEST on 8 August 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 cus-tomised 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 bond exchange

West Atlantic AB (publ) (the “Company”) hereby informs the bondholders of its outstanding bond loan with ISIN SE0007783840 (the “Existing Bonds”) that it will implement the mandatory securities exchange, whereby each Exist-ing Bond will be exchanged into a new bond to be issued by Swedish ATP Management AB (the “New Bonds”) and which will be subject to the terms and conditions of the New Bonds, in accordance with clause 2.1 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 (the “Mandatory Bond Exchange”).

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

Following the Mandatory Bond Exchange, each Holder registered in the debt register (Sw. skuldbok) kept by the CSD on the record date 12 August 2019 (the “Record Date”), will automatically be transferred a number of New Bonds corre-sponding to the number of Existing Bonds held by such Holder at the Record Date (i.e. one Existing Bond entitles to one New Bond). The Mandatory Bond Exchange will take place and the Existing Bonds will be cancelled on 14 August 2019. The nominal amount for each Existing Bonds on the Record Date will be SEK 565,366 (following the amortisation due to the Repurchased Aircraft, which was communicated in a press release dated 22 July 2019). The nominal amount of each New Bond amounts to SEK 608,445 (the nominal amount for each Existing Bonds, plus any accrued but unpaid interest under the Existing Bond).

 

For further information, please contact:
Lars Jordahn, CEO
Telephone: +46 (0) 10 452 95 95
E-mail: lars.jordahn@westatlantic.eu

 

This information was submitted for publication at 17.00 CEST on 2 August 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 cus-tomised 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 of 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.
LUSAT has purchased the Repurchased Aircraft in accordance with the notice to written procedure against a consideration of EUR 25,000,000, which the Company will use for a prepayment of 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 30 July 2019 and payment will be made on 6 August 2019.

The total amount to be repaid amounts to SEK 261,890,100. Following the partial prepayment, the total outstanding nominal amount under the Bonds will be SEK 480,561,100.

 

For further information, please contact:
Lars Jordahn, CEO
Telephone: +46 (0) 10 452 95 95
E-mail: lars.jordahn@westatlantic.eu

 

This information was submitted for publication at 17.00 CEST on 22 July 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 cus-tomised 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

Press release from 2019 Annual General Meeting

West Atlantic AB (publ) held its Annual General Meeting (AGM) on May 27 in Gothenburg. At the AGM, the income statements and balance sheets of the Parent Company and the Group for the financial year 2018 were adopted. The AGM also approved the Board’s proposed allocation of profits and losses, with no dividend paid. The Board and CEO were discharged from liability for the financial year 2018.

The AGM resolved that, until the next Annual General Meeting, the Board will comprise four members. Göran Berglund was re-elected as board member and Salvador Moreno Gonzales-Aller, Fernando Llorens and Russell Smethwick were elected as board members. Salvador Moreno Gonzales-Aller was elected as Chairman of the Board. The AGM further resolved to re-appoint Grant Thornton Sweden AB as auditors.

The meeting resolved that no fee should be paid to the board members since all nominated board members, are shareholders or representing a shareholder in the company.

For further information, please contact:

Lars Jordahn, CEO

Telephone: +46 (0) 10 452 95 95

E-mail: lars.jordahn@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 2019-06-14, 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 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

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

West Atlantic Interim Report Q1, 2019

January – March

  • Revenue amounted to MSEK 506.6 (396.1) corresponding to a growth of 27.9 % year-on-year. Continued strong growth for the Group’s B737 fleet.
  • The first quarter with the new standard, IFRS16 leases, which has affected operating income, net income and the balance sheet significantly.
  • EBITDA amounted to MSEK 101.8 (62.3) corresponding to a margin of 20.1 % (15.7). EBITDA positively affected by reversed leasing costs but also negatively affected by long heavy maintenance overruns for the B767 fleet.
  • Earnings per share of SEK -1.42 (0.28).
  • The fourth B737-800BCF Next Generation Freighter, has been delivered to the Group.
  • Discussion about principal terms for a refinancing of the Group continued to progress among an external investor, the shareholders of the Group and the bondholders as regards the repayment of the Bonds. After the reporting period shareholders and bondholders have accepted an offer from the external investor.   

Key performance indicators for the Group  

All figures in MSEK unless stated otherwise Jan – Mar Jan – Mar Jan – Dec
  2019 2018 2018
Financial metrics*      
Revenue 506.6 396.1 1,813.1
Revenue growth 27.9% 1.0% 14.1%
EBITDA 101.8 62.3 156.1
EBITDA margin (%) 20.1% 15.7% 8.6%
Net income -61.0 7.5 -35.2
Cash and cash equivalents incl unused overdraft facility 104.0 151.9 144.4
Cash flow from operating activities 71.9 51.8 304.6
Earnings per share before dilution (SEK) -1.42 0.28 -0.82
Net interest bearing debt / EBITDA** 5.7 4.1 4.4
Interest coverage ratio** 2.0 2.3 2.4
Equity / Asset ratio -0.8% 6.4% 3.0%
Total assets 2,566.1 1,266.9 1,360.5
Operating metrics*      
Fleet dispatch regularity 99.2% 98.8% 99.2%
Performed flights 5,700 5,378 22,535
Aircraft in service (incl. wet leases) 43 39 42
Average employees 472 456 461
*Definitions of selected key performance indicators and other measures can be found at the end of this report.
**Defined by the corporate bond loan WEST002 terms and conditions. See note 10 for more information. The loan was issued December 2015. These have not been affected by the application of the new standard IFRS16.

 

Full report available for download:

West Atlantic Interim Report Q1, 2019 (English version)

West Atlantic Delårsrapport Q1, 2019 (Swedish version)

 

For further information, please contact:

CEO, Lars Jordahn, +46 (0) 10-452 95 95

CFO, Magnus Dahlberg, +46 (0) 10-452 95 49

 

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 persons set out above, at 209-05-29, 17:00 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

 

 

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