Optional Cash Redemption Notice, 28 December 2017
Glitnir Holdco ehf. (the “Issuer”)
EUR 1,585,774,666 (Remaining balance EUR 263,741,728)
Amortising Zero-Coupon Convertible Notes due 2030 (the “Notes”)
This notice is made to holders of the Notes (hereafter, the “Noteholders”) pursuant to Condition 6.3 of the Terms and Conditions of the Notes (the “Conditions”) and is published in accordance with Condition 21. Capitalized terms used but not defined in this notice shall have the meanings given to them in the Conditions.
The Issuer hereby notifies the Noteholders that it will effect an optional redemption by redeeming the Notes (in part) in cash on 28 December 2017. The Issuer is providing the following information pursuant to Condition 6.3(B) in connection with such redemption:
(i) The Currency Conversion Date is 20 December 2017.
(ii) The estimated Euro Equivalent Redemption Funds (EERF) to be distributed is EUR 7,994,000.
The breakdown of the currency of the amounts included in the calculation of such estimate is as follows:
• a) EUR 6,669,000
• b) NOK 13,022,095
(iii) The Euro Equivalent Redemption Funds derive from realizations of the following assets:
• a) Equity: NOK 13,022,095 and EUR 463,000.
• b) Loans: EUR 2,582,000.
• b) Other assets: EUR 3,623,000.
The issuer will provide further information on 22 December 2017 (which will be the Optional Cash Redemption Second Notification Date). That notification will include a confirmation of the final amount of Euro Equivalent Available Optional Redemption Funds which will be used to redeem the Notes in cash, the aggregate principal amount of the Notes that will be outstanding immediately following the Optional Redemption Date on 28 December 2017 and other information required under Condition 6.3 (C.)
Reykjavík, 7 December 2017
On behalf of Glitnir HoldCo ehf.
Ingólfur Hauksson, Chief Executive Officer