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Oatly Group AB (NASDAQ:OTLY) ("Oatly" or the "Company") announced today that it (i) will participate in a series of investor meetings to pursue the issuance of SEK denominated senior secured floating rate bonds (the "Nordic Bonds"), (ii) has entered into a commitment letter for a new SEK 750 million super senior revolving credit facility contemplated to become effective following settlement of the Nordic Bonds, and (iii) has entered into Convertible Note Repurchase Agreements (the "Repurchase Agreements") with certain holders (the "Selling Noteholders") of our 9.25% Convertible Senior PIK Notes due 2028 (CUSIP No. 67421J AC2) (the "U.S. Notes"). Collectively, these actions are intended to improve the costs related to and terms associated with the Company's capital structure while not raising additional financing.
Nordic Bonds
The Company will participate in a series of investor meetings to pursue the issuance of the Nordic Bonds. The Nordic Bonds have an expected initial issue amount of SEK 1,700 million under a framework of SEK 2,700 million and an expected tenor of 4 years subject to certain early redemption features. The Company intends to use the proceeds from the Nordic Bonds to prepay the group's existing $130 million term loan B credit facility in full, to repurchase and cancel certain of its U.S. Notes as further described below and to pay related transaction costs. The issuance of the Nordic Bonds is subject to prevailing market conditions.
Posted In: OTLY
