Santhera Commences Convertible Bond Exchange Offer and Continues to Seek Votes on the Bondholders' Resolution
Pratteln, Switzerland, April 6, 2021 – Santhera Pharmaceuticals (SIX: SANN) gives an update on the restructuring of its CHF 60 Million Convertible Bonds and the options from which bondholders may choose.
As from today, April 6, 2021, holders of Santhera's outstanding CHF 60 million 5% Convertible Bonds due 2022 (the 2017/22 Bonds) are able to accept the exchange offer that Santhera had announced on March 25, 2021, subject to applicable offer restrictions. The exchange offer is open for acceptance until Monday, April 19, 2021, 5:00 p.m. CEST, unless extended by Santhera. The interim results of the exchange offer are expected to be published on April 20, 2021. If Santhera declares the exchange offer successful, an additional acceptance period is expected to begin on April 21, 2021, and end on April 27, 2021, 5:00 p.m. CEST.
In parallel, Santhera continues to seek and obtain additional consents to the restructuring of the 2017/22 Bonds it had proposed to the bondholders’ meeting of March 8, 2021. The amendments proposed to the bondholders’ meeting and the terms offered in the exchange offer are economically the same, mutatis mutandis. Hence Santhera encourages bondholders to submit their consent, if not already done, and accept the exchange offer. Santhera still requires further votes in order to reach the necessary two thirds majority. If a two thirds majority is achieved, the bondholders' resolution would, subject to court approval, become binding on all bondholders, and the exchange offer would not be completed.
“The recent support of Santhera’s shareholders in approving additional capital has paved the way for a restructuring of our outstanding bond. In order to achieve this, we encourage all bondholders to consider this exchange offer in addition to the ongoing consent process,” said Dario Eklund, CEO of Santhera. “Such a restructuring of Santhera’s capital structure is the best way to secure the Company’s operations past the 6-month VISION-DMD data readout, after which, if positive, we will seek additional financing to fuel our future growth plans.”
Currently, bondholders may both and simultaneously
These two decisions are completely independent from each other. A vote for the bondholders' resolution does not constitute an acceptance of the exchange offer, and acceptance of the exchange offer does not constitute a vote for the restructuring proposed to the bondholders' meeting.
To vote on the bondholders' resolution, bondholders should fill out and submit the forms that are published on the Santhera website under www.santhera.com/investors-and-media/investor-toolbox/share-bondholder-meetings.
To accept the exchange offer, bondholders should instruct their custody bank accordingly.
Bondholders requiring assistance or additional information on the procedures are invited to contact Santhera Pharmaceuticals Holding AG, Hohenrainstrasse 24, 4133 Pratteln (email: firstname.lastname@example.org; phone: +41 61 906 89 50).
Preliminary Issuance and Listing Prospectus Regarding the New Bonds: https://www.santhera.com/investors-and-media/investor-toolbox/bond-exchange-offering
Raxone® is a trademark of Santhera Pharmaceuticals.
For further information please contact:
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