ESPG AG Secures Bondholders' Approval for Covenant Waiver and Potential Bond Expansion

In a significant show of support from its bondholders, ESPG AG, a key player in the real estate domain focusing on science parks, announced the approval of a precautionary covenant waiver and a potential bond increase. The approval, backed by an overwhelming majority of over 99.9%, came through a written voting procedure, marking a pivotal moment in ESPG's journey towards bolstering its business development and securing long-term planning for its management.

Ralf Nöcker, a member of ESPG AG's management board, emphasized the active and constructive dialogue maintained with creditors, leading to this substantial backing. He expressed gratitude towards global investors and financial partners for their commitment, reinforcing the company's dedication to steering ESPG towards a prosperous future aligned with investor interests.

Additionally, Markus Drews, another board member, highlighted the significance of meeting the required quorum on the first vote, viewing it as a testament to the bondholders' trust and support. The suspension of the Total-LTV covenant for 2023 and the decision-making delegation for the 2024 covenant to bondholders' representative Klaus Nieding exemplify proactive measures amidst volatile real estate markets. The approved bond increase, aimed at enhancing financial flexibility, and adjustments to bond terms signify ESPG's strategic adaptability.

The company plans to post these resolutions on its website and announce them via the Federal Gazette shortly, marking a new chapter in its mission to develop science parks that foster innovation and connection within the realms of life sciences, green technologies, and digital transformation.