Ekopak concludes second subordinated loan of €5.6M with Alychlo
Ekopak, a Belgian company specializing in industrial water treatment, concluded a second subordinated loan in 2026 with its reference shareholder Alychlo. The transaction, decided on August 31, 2026, aims to strengthen the group's short-term liquidity pending a structural financing solution.
A subordinated loan with conditional conversion
The board of directors of Ekopak NV announced, in accordance with Article 7:97 of the Belgian Code of Companies and Associations, that it decided on August 31, 2026 to enter into a private subordinated loan with Alychlo NV, lender and reference shareholder of the company.
The loan concerns a principal amount of a maximum of €5,639,000, for a term of three years from the drawdown date. It bears interest at Euribor (6 months) plus a margin of 4% per annum, payable semi-annually in cash.
As regards the principal, the loan is contractually subordinated to existing senior debt. It is intended to strengthen Ekopak's short-term liquidity position and to support its general needs, pending a structural financing solution.
A two-tier conversion structure
Unlike the April 2026 loan, which included an automatic conversion right at a price fixed in advance on the basis of the volume-weighted average price (VWAP), this loan provides a more limited, two-tier conversion structure.
The first is a conditional conversion right at final maturity, exercisable only if the company is unable to fully repay the loan in cash, at a price equal to the VWAP of the share over the thirty business days preceding maturity. The second is a conversion or participation right in favor of Alychlo in connection with any future capital increase of at least 2% of capital (on a fully diluted basis) or other equity-related financing, at the issuance price of such transaction, without discount.
The drawdown of the loan is subject to written confirmation (already obtained) from the company's senior lending banks of their agreement on a moratorium on capital repayments, for an amount equal to that of the loan.
Total subordinated debt increased to €10.6M
This loan is added to the convertible subordinated loan of €5,000,000 concluded on April 20, 2026, which remains entirely outstanding to date, bringing the total subordinated debt position for the two loans to a maximum of €10,639,000. Following a partial transfer carried out by Alychlo in May 2026, a maximum amount of €9,989,000 is owed to Alychlo.
The board of directors indicates that the transaction generates an additional interest charge, estimated on an indicative basis at between €380,000 and €405,000 per annum, and between €1,140,000 and €1,215,000 over the entire three-year period.
The loan does not entail a capital increase to date and has no immediate dilutive effect, no shares being issued at the time of its conclusion. For purely illustrative purposes, based on the closing price of the share on Euronext Brussels on August 27, 2026, namely €3.79, a hypothetical full conversion of the principal would result in potential dilution of existing shareholders of approximately 3.32%.
