SKF continues the preparations for the separation of its Automotive business; initiates consent solicitation

In September 2024, SKF announced the decision to initiate a separation of its Automotive business with the objective of a separate listing on Nasdaq Stockholm through a Lex Asea distribution to its shareholders. As the separation process continues, SKF now launches a consent solicitation to holders of its notes, in relation to the contemplated spin-off and to confirm that it will not cause an event of default under the conditions of the notes. SKF is seeking the consent as a matter of prudence and in order to avoid any potential uncertainty in the future. SKF does not consider that there has been an event of default under any series of the notes. As previously communicated, SKF considers that the contemplated spin-off of its automotive business would facilitate a clearer focus on distinct opportunities to enhance customer value, accelerate growth, improve competitiveness as well as providing long-term value benefiting customers, employees and other stakeholders. SKF does not expect the contemplated spin-off to have any negative impact on its strategy, operational or financial conditions of SKF. This implies that the contemplated spin-off would not impact the solvency of SKF and its financial structure would remain solid.