Acroud AB and its major bondholders and shareholders have entered into a restructuring term sheet designed to bolster its liquidity and financial position.
The terms in principle of the restructuring have been backed by a bondholder committee representing 42.5% of the adjusted nominal amount of Acroud’s SEK225m senior secured floating rate bonds and shareholders representing 75.7% of votes and share capital along with certain other creditors.
Acroud will now initiate a formal written procedure by 20 December to secure the approval of all bondholders and will call an EGM to agree on the next corporate steps to complete the transactions set out in the term sheet.
The Nasdaq-Stockholm listed company said: “Together, these measures are expected to provide the Company with an appropriate capital structure in order to return to a growth trajectory that benefits all stakeholders”.
The key commercial terms include amendments of the existing terms and conditions for the outstanding bonds, extending their maturity to 30 June 2028, and the issue of new super senior bonds to the value of SEK65,312,500.
Acroud has also agreed to purchase all the remaining shares in its subsidiary Acroud Media owned by RIAE Media Ltd, by executing a transfer note. In a post on LinkedIn, RIAE Media’s sole director Gary Gillies called the transaction: “My biggest move yet. Becoming the largest shareholder in Acroud AB after merging my shares in Media in. 6 months of back and forth, but we are here now. Love the team we have and looking forward to smashing this.”
Acroud Media is headed by CEO Darren Colebrook, who also brought over a number of people with him from Catena after Acroud acquired its paid assets for £5.1m in late 2022 as part of the transaction to create the new media arm within Acroud.
Colebrook was the operations and marketing manager of the SBAT paid and organic affiliate business that Gillies sold to Catena in 2016.