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HORTIFRUT
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BERRIES FOR THE WORLD EVERY DAY
Hortifrut S.A.
Registration Registry of Securities N* 1096
Santiago, October 13, 2022
Mrs.
Solange Berstein Jáuregui
President
Financial Market Commission
Av. Libertador Bernardo O’Higgins 1449
Present
Dear Sir or Madam:
In accordance with the provisions of Article 9″ and the second paragraph
of Article 10* of Law No. 18,045, and the provisions of the General Rule
n? 30, duly empowered by the Board of Directors, reported to the Commission for the Market
Financial (the “CMF”), as an ESSENTIAL FACT of Hortifrut S.A. (“Hortifrut” or the
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1.
Company”), Registration Registry of Securities No. 1096, the following:
In relation to the essential facts reported by the Company to the CMF with
Dates 20 and 28 September 2022, with this date and at the request of the
Company, Bondholders’ Meetings were held (hereinafter, the
“Joints”) of Series A (CMF registration No 933) and Series B (CMF registration No 934), a
in order to propose modifications in the respective emission contracts, among others
matters, the definition of ‘Adjusted EBITDA’ – effective June 30, 2022.
After a successful round of talks with our
bonds, the Company has achieved, with the support of all holders
present with voting instructions at the aforementioned Meetings, approve the
modification of the Issuance contracts in line with the proposal made
by the Company consisting of (i) adding to the calculation of Adjusted EBITDA, the
Impairment of assets (mainly due to varietal replacement for impairments
in plantations); and (ii) incorporate a healing period in the guards
financial established in numerals /vii/ (Net Financial Debt Ratio
Adjusted to Adjusted EBITDA) and Iviii/ (Coverage of Financial Expenses) of the
Emission contracts.
With the aforementioned support in the Meetings and product of the adjustments
agreed to incorporate into the emission contracts, clarifies and resolves the
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HORTIFRUT
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BERRIES FOR THE WORLD EVERY DAY
disagreement with the Bondholders’ Representative regarding the
How to calculate Adjusted EBITDA in issuance contracts.
4. As a world-leading business platform in production and
Marketing of fresh and frozen berries, the spare parts strategy
The Company’s varietals have been recognized by risk rating agencies
Humphreys and ICR, who always maintained the Hortifrut classifications
in A+ and AA-, respectively. The firms highlighted the solvency of the
Company and acknowledged that the accounting record of varietal spare parts did not
affects the Company’s cash flow.
Yours sincerely yours,
Juan Carlos Toro Ruiz-Tagle
Corporate Finance and Administration Manager
Hortifrut S.A.
cc.
Banco de Chile, in its capacity as Representative of Bondholders
Link to file in CMFChile: https://www.cmfchile.cl/sitio/aplic/serdoc/ver_sgd.php?s567=276308bf8a9cd8f10a631360a73a1035VFdwQmVVMXFSWGROUkUwMVRYcHJNazVuUFQwPQ==&secuencia=-1&t=1682376108
