The repayments of bonds SOLT2 (approx. SEK 128 million), ISIN: SE0010831313 and SOLT3 (approx. SEK 148 million), ISIN: SE0011231166 maturing on 10 July, 2023, will be delayed due to administrative reasons.
The necessary funds for repayment of the bonds have been secured by the Company, but part of the funds for repayment originate from China and that transfer has been delayed by the Chinese authority, the State Administration of Foreign Exchange, (SAFE), which approves transfers abroad. The Company has routinely carried out the same type of transfers on many occasions over the years, inter alia, the repayment on June 28th, 2023, of SEK 657 million for the SOLT5 bond, with funds transferred from China. Over the years, the company has also on a few occasions, experienced similar delays.
The transfer to Sweden of the affected funds is expected to be completed by July 28, 2023. As soon as the transfer has been received, repayment of the bonds will take place without delay.
Interest until 10 July 2023 will be paid on the due date, i.e., 10 July 2023. For the period after maturity, interest is paid according to the terms of the bond, as well as a default interest rate that is stated in the terms and conditions of the bond. This annual default interest of two (2) percentage points will accrue as of July 11, 2023, and will be paid at the same time as the final repayment of the respective bond.