Caybon Holding AB

Caybon Holding AB has announced the successful completion of a written procedure, initiated on 29 March 2024, regarding its outstanding SEK 600,000,000 senior secured bond loan. The procedure was aimed at getting bondholders to agree to amendments in the terms of the bonds to facilitate the implementation of Caybon's proposed new capital structure. A majority of the bondholders approved the proposal, allowing Caybon to proceed with its capital structure updates. The company also revealed the launch of a fully underwritten new super senior bond amounting to SEK 130,000,000, the issuance of which was dependent on the successful completion of the written procedure. ABG Sundal Collier and Roschier Advokatbyrå have been retained as financial and legal advisors respectively for the restructuring.

Caybon Holding AB has announced a delay in the publication of its audited consolidated financial statements for the year ending 31 December 2023. The delay is due to the ongoing restructuring of the company's capital structure, which was announced in March 2024. The financial statements, which were originally due by 30 April 2024, are now expected to be published no later than 6 May 2024. The restructuring and subsequent actions will be resolved at an extraordinary general meeting scheduled for 2 May 2024. Caybon is a leading digital media company that offers diverse advertising solutions to a range of clients, from small businesses to multinational corporations.

Caybon, a leading digital media company, has appointed Daniel Grufman as its new Chief Financial Officer (CFO), effective from 2 April 2024. Grufman, currently serving as Head of Group Accounting, joined Caybon in 2017 and has held various roles within the company. Before joining Caybon, he worked at Grant Thornton in auditing. This appointment follows the recent announcement of the current CFO assuming the role of CEO. Caybon specializes in branded content that drives results and offers a range of advertising solutions for its diverse client base.

Caybon Holding AB announced on 18 March 2024 that it has entered into a restructuring agreement with the majority of its bondholders and other stakeholders. The company has initiated a written procedure to seek approval for a new capital structure, which includes amendments to the terms and conditions of its existing bonds. Caybon is also launching a new super senior bond worth up to SEK 130,000,000, half of which will be provided in cash and the other half converted from existing bonds. The new bonds will mature on 3 June 2027. The written procedure will commence on 5 April 2024 and end on 26 April 2024. Caybon has received support for the restructuring from holders representing approximately 65% of the existing bonds.

Caybon Holding AB has appointed Johan Janing, who has been with the company since 2009 and served as CFO since 2014, as its new CEO and president effective from 2 April 2024. Caybon has also agreed to a proposal with a majority of its bondholders and stakeholders for new financing and a long-term capital structure. Part of this agreement includes a SEK 10 million super senior bridge financing from certain bondholders. Richard Båge, the former CEO, will continue as an advisor and board member during the transition. ABG Sundal Collier and Roschier Advokatbyrå AB are serving as financial and legal advisors to the company, respectively, while Gernandt & Danielsson Advokatbyrå AB is advising the bondholders.

Caybon Holding AB has signed a master restructuring term sheet with most of its bondholders and other stakeholders to address its financial issues. The term sheet outlines Caybon's future capital structure and will be implemented in a formal written procedure in March 2024. Details include a SEK 10,000,000 super senior bridge financing, an extension of bond maturity to December 2027, and a change in interest rates. SEK 365,000,000 of the bonds will undergo a debt to equity swap and a new super senior bond loan of SEK 130,000,000 will be issued. After the transaction, bondholders will own about 45% of Caybon, new super senior bondholders will own around 40%, and the board and management will hold approximately 12%. Caybon also expects an adjusted EBITDA of SEK 40-45m and an adjusted EBITA of SEK 10-15m for the full financial year 2024. Johan Janing will become the new CEO of Caybon from 2 April 2024.