STOCKHOLM, Sweden, March 19, 2002 (PRIMEZONE) -- The Board of Directors of Billerud AB has decided to propose to the Annual General Meeting to be held on May 7, 2002, in deviation from shareholders' pre-emption rights, that a convertible debenture loan will be issued to be subscribed for by the Group's employees in Sweden.
The proposed main terms for the issue of the convertible debenture loan are as follows:
1. The loan will amount to a maximum of SEK 140 million and the term of the loan will be from June 20, 2002 to June 20, 2007. The loan can be converted into shares from February 21, 2006 to May 15, 2007. The loan will carry an annual interest of 12-month STIBOR minus approximately 1.0 percentage points.
2. The conversion price will correspond to 115% of the average market price for a Billerud share in the period May 14-21, 2002. The dilution effect is estimated to be a maximum of 2.5 per cent of share capital and votes.
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