Bond termination option
The Carpevigo Group, financier of solar parks and power plants for solar power generation, clarifies below the status of the execution of the latest creditor resolutions, which, among other things, provide for a one-time termination option for bond investors. The deadline for the termination option is 28 February 2023.
The terms and conditions of the bonds of the Carpevigo Group were fundamentally restructured and redesigned in the course of the resolutions in autumn 2022. The resolutions have meanwhile been executed for Carpevigo Holding AG regarding the bonds with the WKN A1MA45, as well as for Carpevigo AG regarding the bond with the WKN A0N3X2.
The new provisions of the bond conditions provide for a debt cut of 60%, an extension of the term until 30 September 2037, and an interest rate of 3.75% p.a. and have become legally binding. Therefore, for example, with a nominal capital of originally € 100,000.00, a bond now still has a new nominal value of € 40,000.00 for the bondholder.
In the case of the Carpevigo Holding AG Energy Bond I (WKN A1PGWY), a second creditors’ meeting has in the meantime also approved these new regulations. The execution of the bond terms and conditions is currently underway and, the public invitation to terminate the bond should also take place in December 2022.
All bondholders have a one-time, limited termination right on the above basis of the debt cut for the bonds/debentures held by them. In the event of termination, they will receive payment of the new nominal amount of the bond plus accrued interest.
The right of termination can be exercised from the public announcement in the Federal Gazette on 2 December 2022 until the expiry of the agreed notice period (two months to the end of the month), i.e. until 28 February 2023 at midnight. This period applies uniformly to all bondholders.
All notices of termination will take effect uniformly on 28.2.2023. A processing period of no more than four weeks is provided for payment thereafter.
Bond investors who do not take up the call option will remain invested in the bonds and thus also support the further expansion of the group of companies, which intends to drive new investments based on medium and long-term renewable energy expansion targets.
CARPEVIGO Holding AG
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