Dott Launches Revised Written Procedure for Senior Secured Floating Rate Bonds
TIER Mobility SE ("Dott") has launched a revised written procedure under its EUR 150 million senior secured floating rate bonds due in 2025/2029. The company is seeking bondholder approval to extend the delivery deadline for its 2025 audited consolidated financial statements from their original date to September 30, 2026, and to waive any related event of default caused by this delay. The extension stems from the complexity involved in completing final audit stages. Dott is working with PricewaterhouseCoopers and its advisers to finalize these audits as soon as possible and expects them completed before September's end. The company has also proposed additional changes to bond terms, which have been agreed upon by holders representing over 50% of the adjusted nominal amount. Bondholders will be notified via Verdipapirsentralen ASA (Euronext Securities Oslo) on July 29 and can vote until August 12. A consent fee of 1.00% per bond, plus a redemption premium increase to 3.00%, is being offered as part of the proposal.
Topics: audit delay bonds consent fee corporate finance