Holzkirchen, 29 August 2022
On August 25, 2022, creditors’ meetings pursuant to the German Bond Act (Schuldverschreibungsgesetz) were held for the bonds of CARPEVIGO AG and Carpevigo Holding AG. The proposal of the companies to agree on a debt cut and further amendments to the bond terms received a high level of approval from the bondholders.
Creditors’ meetings on the three bonds of CARPEVIGO AG and Carpevigo Holding AG were held on August 25, 2022. The proposal to reduce the nominal amount of the bond by 60% to a remaining quota of 40% of the previous nominal amount by means of a partial waiver was put to the vote. The proposal further provides that after this debt cut, investors have the option of calling in their bond or remaining invested for the long term. The new terms provide for a maturity of 15 years and an annual interest rate of 3.75%.
In the case of the CARPEVIGO AG bond (WKN A0N3X2 ISIN: DE000A0N3X28), 73.06% of the bondholders were present or effectively represented. The statutory quorum of 50% required for passing resolutions was thus reached, so that binding votes were possible (section 15 (3) sentence 1 SchVG). The bondholders present unanimously approved the Company’s proposal without amendment.
In the case of the convertible bond of Carpevigo Holding AG (WKN A1MA45 ISIN: DE000A1MA458), 85.18% of the bondholders were present, meaning that the quorum required by section 15 (3) sentence 1 SchVG was also reached. Here, too, the bondholders present unanimously approved the Company’s proposal without amendment.
In the case of the Energy Bond I of Carpevigo Holding AG (WKN A1PGWY ISIN: DE000A1PGWY5), the attendance rate was 25.28% of the outstanding bonds. The first creditors’ meeting therefore did not constitute a quorum within the meaning of § 15 (3) sentence 1 SchVG. A second creditors’ meeting is currently being convened by the Company. A second creditors’ meeting generally constitutes a quorum; the quorum for qualified resolutions is 25% (Sec. 15 (3) sentence 3 SchVG).
With regard to the CARPEVIGO AG bond and the convertible bond of Carpevigo Holding AG, the quorums and majorities required for the adoption of the Company’s proposal were thus achieved in each case at the meetings. In the case of Energy Bond I, a second creditors’ meeting will be held, at which the Company’s proposal will again be voted on.
Both companies would like to thank the bondholders for their participation and the high acceptance of the proposed solutions.
Carpevigo Holding AG
Tel +49 (0)8024 608383-0
Fax +49 (0)8024 608383-89