Bonds are extended...
The Q3'23 results were overshadowed by the extensions of Fastator's three outstanding bonds, all of which were prolonged by two years, now maturing in 2025 (SEK 500m), 2026 (SEK 700m) and 2027 (SEK 300m). Bondholders also agreed to a lower interest rate (fixed interest rate of 5%) instead of STIBOR 3m +650-700 bps (~10.6-11.1%) previously, which opens up for significant cost savings on an annual basis. That said, Fastator had to give up major collateral to bondholders. The agreement gives some breathing room to Fastator, but it highlights that more measures are needed, as liquidity remains scarce (cash position of ~SEK 35m at the end of Q3'23).
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