R-LOGITECH reaches agreement with ad hoc group of bondholders for the prolongation and refinancing of the 2018/2023 Notes and recommends the corresponding countermotion of SdK expected for today

R-LOGITECH reaches agreement with ad hoc group of bondholders for the prolongation and refinancing of the 2018/2023 Notes and recommends the corresponding countermotion of SdK expected for today

Monaco, 27 March 2023 – R-LOGITECH S.A.M. (“Company” or “R-LOGITECH”) informs that it has reached an agreement with members of an ad hoc group of holders of the originally EUR 200 million 8.50% Notes 2018/2023 issued by it (outstanding amount: EUR 187 million) (the “Notes”) representing more than 25% of the outstanding nominal amount of the Notes regarding amended terms for the prolongation and refinancing of the Notes to be adopted in the second noteholders’ meeting to be held on 29 March 2023. Due to the agreement, the required quorum of at least 25% for the 2nd noteholders’ meeting has thus been secured.

The parties were in agreement that the initially envisaged prolongation of the term of the Notes by only three months is too short to achieve a full refinancing of the Notes in the current market environment. Thus, the parties have agreed on the following revised terms of the Notes which includes (among other things):

• The term of the Notes is extended until 30 June 2024 with the ability for further maturity extensions if certain conditions are met.
• The coupon is initially increased by 1.75 percentage points to 10.25% p.a. In the event of a prolongation of the maturity beyond June 2024, the coupon is further increased to 11.25% p.a. plus an exit fee of 2.5%. The Company will have the flexibility to pay the coupon (payment in kind, PIK) and not to pay it in cash at the interest payment dates.
• A new and comprehensive collateral package has been agreed to secure the Notes (and at the same time the notes issued by R-LOGITECH Finance S.A. and guaranteed by the Company maturing on 26 September 2027 on equal terms) comprising share pledges over material group companies and the Issuer.

R-LOGITECH welcomes this agreement which it deems a fair compromise for both the Company and the noteholders.

The amendments will be formally introduced by way of a countermotion from SdK Schutzgemeinschaft der Kapitalanleger e.V. (“SdK”) expected to be received in the course of today. R-LOGITECH recommends the noteholders of the Notes to vote in favor of all new resolutions proposed by SdK.

As soon as the countermotion has been received, noteholders will find the amended instruction form for the voting proxies for the upcoming second noteholders’ meeting to be held on 29 March 2023 on the Company’s website (www.r-logitech.com) under “Investor Area / Noteholder voting 2018/2023 Notes”. Noteholders are asked to use the amended instruction form for the voting proxies. Noteholders who have already given the general instruction on the management’s proposals do not need to take any further action.

The Company has made available a Noteholder Update Presentation which includes a financial update and additional information on its website (www.r-logitech.com) under “Investor Area / Noteholder voting 2018/2023 Notes”.

About R-LOGITECH S.A.M.:
R-LOGITECH is one of the leading international ports infrastructure operators and logistics services providers in the natural resources sector. The group’s primary business lines are port and terminal management and specialist logistics.

For further information:
Brunswick
Patrick Handley, Tom Pigott
+44 (0) 20 7404 5959

Better Orange IR & HV AG
Frank Ostermair, Linh Chung
+49 (0) 89 8896906 25
linh.chung@better-orange.de