Date: 20.12.2023

by Mateusz Mazur

Catena Media Initiates Strategic Bond Alignment Following Review

Catena Media has announced the initiation of a written procedure to align its bond duration with strategic outcomes post a comprehensive review.

Catena Media Reports H1 2023 Performance Amid Shifting Markets

Strategic Review Leads to Financial Realignment

Following the completion of a strategic review, announced on 21 November 2023, Catena Media anticipates an additional influx of EUR 47 million through deferred payments from asset sales.

This expected capital influx, coupled with the Group’s current cash position, has prompted Catena Media to seek alignment of the bond duration with the anticipated proceeds.

The goal is to bolster financial flexibility while maintaining a robust cash position concurrent with ongoing debt repayments.

Catena Media has instructed Nordic Trustee & Agency AB (publ) as the agent of the Bonds, to initiate a written procedure, including a notice with voting instructions to the bondholders. This written procedure aims to secure approval for key amendments to the bonds’ terms and conditions.

These amendments include a 12-month extension of the final redemption date and a mandatory partial prepayment of 50% of the outstanding nominal amount, payable within 20 business days post the written procedure’s conclusion.

Bondholders’ Support and Voting Process

The company has engaged in discussions with its largest bondholders, who represent over 45% of the adjusted nominal amount of the bonds. These key stakeholders have committed to voting in favor of the proposal.

The outcome of this written procedure will be communicated through a press release at its conclusion. The voting record date is set for 28 December 2023, with the final voting day being 10 January 2024, although the procedure may conclude earlier if a majority consent is achieved.

In this critical financial maneuver, Catena Media is backed by ABG Sundal Collier AB as its financial advisor and Gernandt & Danielsson as the legal advisor, ensuring a well-guided and legally sound process.

Our Comment on the Article

Catena Media’s decision to realign its bond duration following a strategic review is a calculated move reflecting the company’s proactive approach to financial management.

This initiative not only demonstrates financial prudence but also shows a commitment to aligning corporate strategies with stakeholder interests. The engagement of key bondholders and the transparent voting process underline Catena Media’s dedication to corporate governance and collaborative decision-making.

As the iGaming industry continues to evolve, such strategic financial moves are essential for companies to maintain agility and robust financial health.