Fintech PR
Ad Hoc Group of Sri Lanka Bondholders Submits Restructuring Proposal
LONDON and NEW YORK, Oct. 13, 2023 /PRNewswire/ — The Ad Hoc Group of Bondholders (the “Group“) of the Republic of Sri Lanka (“Sri Lanka“) has taken note of the progress Sri Lanka has made with its official sector creditors towards reaching an agreement in principle on a debt treatment within the framework of its IMF Programme.
Consistent with the Group’s February 3, 2023 statement of financing assurances, and in line with the objectives which have been expressed by official and private sector participants in the Global Sovereign Debt Roundtable to facilitate more efficient and equitable sovereign debt restructuring processes, the Group remains committed to working with the Sri Lankan authorities as quickly as possible to find a sustainable solution to Sri Lanka’s debt challenges as they relate to its international bond debt.
To that end, the Group, acting through its Steering Committee, recently proactively submitted its own restructuring proposal relating to Sri Lanka’s outstanding international bonds. The proposal, which provides upfront debt relief, includes a menu of new securities that would be offered to the holders of the existing bonds, including a “Macro-Linked Bond” (“MLB“).
The MLB is an innovative new instrument that is designed to be liquid and index-eligible and whose payouts are linked to the evolution of Sri Lanka’s gross domestic product. This design seeks to ensure both that the instrument is acceptable to bond market participants and that its cash flows will at all times comply with the Debt Sustainability Analysis targets embedded in Sri Lanka’s IMF Programme in a range of future macroeconomic scenarios.
The Group believes that its proposal, including the MLB, will contribute to restoring Sri Lanka’s debt sustainability and, at the same time, will command broad support from existing holders of Sri Lanka’s international bonds.
The terms of the MLB included in the Group’s proposal delivered to the Sri Lankan authorities are attached as Annex I and II hereto.
The Group is advised by Rothschild & Co and White & Case LLP, as financial and legal advisors, respectively.
Questions may be directed to:
Rothschild & Co: [email protected]
White & Case LLP: [email protected]
Media inquiries should be directed to Greenbrook Advisory at the addresses below:
Email / Telephone: [email protected] / +44 (0) 20 7952 2000
Annex I: Group Macro-Linked Bond Indicative Proposal
Terms of the MLBs
The debt restructuring will be consummated through an exchange offer to all holders of the 11 series of international bonds issued by the Republic of Sri Lanka (the “Republic”) (collectively, the “Existing Bonds”).
Holders that elect to receive the MLBs in exchange for their Existing Bonds will receive US$800 in principal amount of MLBs for each $1,000 in principal amount of Existing Bonds exchanged (i.e. 20% haircut).
[10] series of MLBs will be issued by the Republic and delivered to holders of Existing Bonds that so elect to receive such MLBs. Each series of MLBs will mature on successive years, with the first series maturing on December 31, 2027 and the final series maturing on December 31, 2036. Alternately the MLBs will be issued in the form of one or more amortizing bonds to ensure adequate liquidity and index eligibility for each new series.
Interest shall be payable on each series of MLBs on a [semi-annual] basis in arrears, on [December 31] and [June 30] of each year, at the following annual rates, subject to the satisfaction of the Adjustment Condition (as defined below):
|
Series maturing in |
Rate of Interest 2024-2027 |
Rate of |
|
|
Cash |
PIK |
Cash |
|
|
Dec-27 |
3.75 % |
4.00 % |
|
|
Dec-28 |
3.75 % |
4.00 % |
8.00 % |
|
Dec-29 |
3.00 % |
4.00 % |
8.00 % |
|
Dec-30 |
3.00 % |
4.00 % |
8.00 % |
|
Dec-31 |
3.00 % |
4.00 % |
9.00 % |
|
Dec-32 |
3.00 % |
4.00 % |
9.00 % |
|
Dec-33 |
3.00 % |
4.00 % |
9.00 % |
|
Dec-34 |
3.00 % |
4.00 % |
9.50 % |
|
Dec-35 |
3.00 % |
4.00 % |
9.50 % |
|
Dec-36 |
3.00 % |
4.00 % |
9.50 % |
Coupons will be paid [semi-annually] using a 30/360 day-count. The first coupon will accrue from the issue date of each series of MLBs and will be paid on [June 30], 2024.
Under the terms of the MLBs, if the Adjustment Condition has been met (and the Republic has delivered an officer’s certificate to the Trustee certifying the same), then from and including 31 [●], 2028 up to and excluding 31 [●], 2032, the interest rate and/or principal payable on the MLBs shall be decreased as indicated in Annex II. For series maturing between 2033 and 2036, coupons will revert to their original level from 2033 onwards.
The Adjustment Condition shall be met if, when measured on [●] 2028, the Republic’s gross domestic product at current prices in Dollars averaged for 2026/2027 (as published in World Economic Outlook) is below U.S.$[98.9] billion. In the event that GDP at current prices in Dollars is not published in the World Economic Outlook, no adjustment shall be applied.
|
Annex II – Adjustment to the terms of the MLB |
|||||||||||||||||||||||||
|
MLB Initial Terms (without adjustment) |
MLB adjustment depending on the level of USD GDP at current prices for 2026-2027 average |
||||||||||||||||||||||||
|
# |
Series maturing in1 |
Coupon rate |
$[98.9]bn and above |
$[96.4]bn – $[93]bn |
$[93]bn – $[89.5]bn |
$[89.5]bn – $[86.1]bn |
$[86.1]bn – $[83.1]bn |
$[83.1]bn and below |
|||||||||||||||||
|
Up to 2027 |
2028 onwards (Cash) |
Coupon Adjustment for 2028-2032² |
Principal Reduction |
Coupon Adjustment for 2028-2032² |
Principal Reduction |
Coupon Adjustment for 2028-2032² |
Principal Reduction |
Coupon Adjustment for 2028-2032² |
Principal Reduction |
Coupon Adjustment for 2028-2032² |
Principal Reduction |
Coupon Adjustment for 2028-2032² |
Principal Reduction |
||||||||||||
|
Cash |
PIK |
||||||||||||||||||||||||
|
1 |
2027 |
3.75 % |
4.00 % |
n.r. |
n.r. |
n.r. |
n.r. |
n.r. |
n.r. |
n.r. |
n.r. |
n.r. |
n.r. |
n.r. |
n.r. |
n.r. |
|||||||||
|
2 |
2028 |
3.75 % |
4.00 % |
8.00 % |
– |
– |
– |
– |
– |
5 % |
– |
10 % |
– |
20 % |
|||||||||||
|
3 |
2029 |
3.00 % |
4.00 % |
8.00 % |
– |
– |
– |
– |
– |
– |
– |
5 % |
– |
10 % |
– |
20 % |
|||||||||
|
4 |
2030 |
3.00 % |
4.00 % |
8.00 % |
– |
– |
– |
– |
– |
– |
– |
5 % |
– |
15 % |
– |
25 % |
|||||||||
|
5 |
2031 |
3.00 % |
4.00 % |
9.00 % |
– |
– |
(2.50 %) |
– |
(4.25 %) |
– |
(6.00 %) |
5 % |
(6.00 %) |
15 % |
(6.00 %) |
25 % |
|||||||||
|
6 |
2032 |
3.00 % |
4.00 % |
9.00 % |
– |
– |
(2.50 %) |
– |
(4.25 %) |
– |
(6.00 %) |
5 % |
(6.00 %) |
15 % |
(6.00 %) |
25 % |
|||||||||
|
7 |
2033 |
3.00 % |
4.00 % |
9.00 % |
– |
– |
(2.50 %) |
– |
(4.25 %) |
– |
(6.00 %) |
– |
(6.00 %) |
15 % |
(6.00 %) |
25 % |
|||||||||
|
8 |
2034 |
3.00 % |
4.00 % |
9.50 % |
– |
– |
(2.50 %) |
– |
(4.25 %) |
– |
(6.00 %) |
– |
(6.00 %) |
15 % |
(6.00 %) |
25 % |
|||||||||
|
9 |
2035 |
3.00 % |
4.00 % |
9.50 % |
– |
– |
(2.50 %) |
– |
(4.33 %) |
– |
(6.00 %) |
– |
(6.00 %) |
15 % |
(6.00 %) |
25 % |
|||||||||
|
10 |
2036 |
3.00 % |
4.00 % |
9.50 % |
– |
– |
(2.50 %) |
– |
(4.50 %) |
– |
(6.00 %) |
– |
(6.00 %) |
15 % |
(6.00 %) |
25 % |
|||||||||
|
Note 1. Indicative. Some of the individual series could be consolidated to have a soft amortizing structure (as opposed to bullet) |
|||||||||||||||||||||||||
|
Note 2. Downward coupon adjustment applied over 2028-2032. For series maturing between 2033 and 2036, MLB coupons will revert to their initial level from 2033 onwards |
|||||||||||||||||||||||||
View original content:https://www.prnewswire.co.uk/news-releases/ad-hoc-group-of-sri-lanka-bondholders-submits-restructuring-proposal-301956268.html
STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.
The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.
To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.
The webcast can be followed live here and a recording will be available afterwards.
Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]
Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/eqt/r/invitation-to-presentation-of-eqt-ab-s-q1-announcement-2024,c3956826
The following files are available for download:
|
Invitation to presentation of EQT AB’s Q1 Announcement 2024 |
|
|
EQT AB Group |
View original content:https://www.prnewswire.co.uk/news-releases/invitation-to-presentation-of-eqt-abs-q1-announcement-2024-302109147.html
- Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
- Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
- Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
- Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
- PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
- Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
- 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
- CEO reaffirms Kia’s commitment to ESG management
SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.
Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.
During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.
The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.
“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”
Photo – https://mma.prnewswire.com/media/2380039/Photo_1__2024_CEO_Investor_Day.jpg
PDF – https://mma.prnewswire.com/media/2380040/Press_Release__2024_Kia_CEO_Investor_Day_240405.pdf
View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/kia-presents-roadmap-to-lead-global-electrification-era-through-evs-hevs-and-pbvs-302109142.html
VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.
As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.
The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.
Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed “James Passin“
James Passin, Chief Executive Officer
Phone: +1 646 452 7054
Logo – https://mma.prnewswire.com/media/1430981/BIOVAXYS_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/biovaxys-technology-corp-provides-bi-weekly-mcto-status-update-302108920.html
-
Latest News7 days ago
REALTY ONE GROUP CELEBRATES 19TH ANNIVERSARY WITH GLOBAL ‘ONE DAY’ OF VOLUNTEERING & GIVING BACK
-
Latest News4 days ago
The General Assembly of Siniora Food Industries Company approved the distribution of cash dividends amounting to JD 4.2 million representing 15% of its paid-in capital, and stock dividends amounting to 2,147,059 shares
-
Latest News4 days ago
TerraPay Continues to Attract Top Industry Talent, Names Hassan Chatila as Vice President and Global Head of Network
-
Latest News4 days ago
Top 10 Sessions You Can’t Miss at MARE BALTICUM Gaming & TECH Summit 2024 (Tallinn, Estonia, 4-5 June)
-
Latest News5 days ago
Halal Economy Leadership Forum 2024 Riyadh: IsDB, HPDC and HDC’s Collaboration to Spearhead Innovation for Global Halal Industry
-
Latest News4 days ago
Tiger Brokers (HK) officially launches virtual asset trading services, leading the way in Hong Kong’s online brokerage industry
-
Latest News4 days ago
ICEYE Announces API That Allows Customers to Directly Task World’s Largest SAR Satellite Constellation
-
Latest News4 days ago
IRIS Business Services Introduces “IRIS Myeinvois” SaaS Platform for Seamless e-Invoice Compliance in Malaysia