The plans of the creditors are clear. Fearing that Hema will not be able to repay his debt, they would like to exchange their debt securities for shares. This would make them the new owners of Hema. Their identity is unknown, but can be ascertained to a certain extent.
According to the FD, it concerns bondholders who issued Hema in 2017, and which the company must repay in 2022. In total, this concerns a loan of 600 million euros. Those securities are held by large professional investors, described in the newspaper as “fund houses and Anglo-Saxon investors.”
Nordea largest bond owner
Because the relevant Hema bonds can be traded on the stock exchange, the registers of, for example, data supplier Bloomberg, show who the main holders are.
This shows that the largest owner is the investment arm of the Scandinavian bank Nordea. Nordea owns 6.55 percent of the outstanding bonds, with an original value of over 39 million euros.
Nordea is no stranger to the Netherlands. In the past, the Scandinavians repeatedly made headlines with plans to merge with ABN Amro. Another major owner of Hema bonds is the British asset manager M&G, affiliated with insurer Prudential. M&G owns just over 6 percent of debt securities.
The top 10 bondholders further include asset managers Invesco (3.42%), Fidelity (3.08%), Carlyle Global Market Strategies (2.7%), Halcyon Loan Advisors (2.45%), Blackrock (2, 22%), Jupiter Investment (1.98%), and the banks Crédit Agricole (1.78%) and Deutsche Bank (1.51%). Together they own almost 32 percent of the bonds.
Carlyle is also mentioned separately in 15th place, with an interest of 0.92%. This may be another fund of the asset manager. If you add up the interests, Carlyle is the third largest bondholder.
Which of these bondholders are behind the plan to take over Hema van Boekhoorn is unknown. But there is a way to make the group of candidates smaller.
According to the FD, one of the parties behind the plan to take over Hema from Boekhoorn is also building up an interest in a second bond loan that Hema has outstanding. This concerns a subordinated loan of 150 million euros in total.
Bloomberg data shows that there are four parties that have substantial interests in both the $ 600 million loan and the $ 150 million loan. These are Invesco, with an interest of nearly 15.6% in the 150 million loan, Jupiter (4.4%), Nordea Bank (2.2%) and Crédit Agricole (1.9%).
According to the FD, the creditor in question has “bought a large chunk of the 150 million subordinated bond pick.” The importance would be so great that he could take a vote on the plan. That could indicate Invesco, with its interest of over 15 percent.
Invesco is an Atlanta-based asset manager with 8,000 employees and assets under management of over $ 1.1 billion. The company has offices in 25 countries, including the Netherlands.
The telephone is not answered at Invesco’s Dutch office. For the time being, a callback request has not been responded to. An email to the Atlanta headquarters asking if Invesco is one of the creditors willing to become a shareholder was not answered. Nordea also did not respond to that question yet.