Getronics (the “Company”) announces that the proposals by a bondholders’ group regarding an amendment of the terms of the outstanding subordinated convertible bonds due April 2004 and March 2005, respectively (the ‘2004 Bonds’ and the ‘2005 Bonds’, respectively and together, the ‘Bonds’) by way of an alteration of rights under the Bonds, have been validly adopted at the respective bondholders’ meetings, including a waiver of rights, if any, under Article 8.2 (Events of Default).
Subsequently to the adoption of the proposed amendments to alter the rights under the Bonds, Getronics has agreed to accept these alterations, as the adoption of the proposal is consistent with its earlier announced Eentrepreneurial Ssolution and helps to further restore stakeholders’ confidence.
Getronics’ Vice-Chairman, Klaas Wagenaar comments: “This agreement finalises the financial restructuring of Getronics. We feel encouraged by the confidence the bondholders have given us. This agreement enables us to further focus on restructuring and cost-effectiveness measures in order to re-establish the profitability of the Company.”
Following the implementation of these amendments, the 2004 and 2005 bondholders will receive a partial early payment of EUR 325 million in cash on or about 30 June 2003. The 2004 Bonds and the 2005 Bonds are (expected) to be traded as one series effective on or about 30 June 2003.
ING Investment Banking is acting as financial adviser to Getronics in connection with the proposals to amend the terms of the Bonds. ING Bank is to act as Paying Agent for the amended Bonds.