Marfin: proposal for exchange of the entirety of the company’s bond loans for its participation in Attica

By | 2022 Newsletter week 50 | No Comments

MARFIN INVESTMENT GROUP HOLDINGS S.A. announced on 13 December 2022 it received a proposal from the company “STRIX Holdings L.P.”, bondholder – owner of the entirety of the bonds

  • of the common bond loan issued by the Company on 14 May 2021, with an outstanding balance of EUR 282.9 m., and
  • the convertible bond loan issued by the Company on 31 July 2017, with an outstanding balance of EUR 160.8 m.,

for the exchange of the entirety of the bonds owned by STRIX and issued by the Company, for the Company’s total direct and indirect shareholding in “ATTICA HOLDINGS S.A.”, i.e. 22,241,173 shares representing 10.31% in ATTICA’s share capital, directly owned by the Company, and the entirety of the shares of the Company’s wholly owned subsidiary “MIG SHIPPING S.A.”, which owns 149,072,510 shares representing 69.07% in ATTICA’s share capital. The terms of the proposal include a confirmatory legal and financial due diligence in “MIG SHIPPING S.A.”, the approval of any competent competition authority, as required by law, and the granting of an

exclusivity period until 30 July 2023.

The Board of Directors accepted the aforementioned proposal and decided to appoint forthwith a financial advisor that will examine the fairness of the financial terms of the transaction. Any definite agreement will be submitted for approval to the General Meeting of the Company’s Shareholders.

In case of completion of the transaction, the Company will proceed to the cancellation of the entirety of its own bonds to be acquired and as a result, its borrowings amounting to EUR 443,8 m. will be fully and completely repaid.