Optional Redemption Cash Notice
Glitnir Holdco ehf. (the “Issuer”)
EUR 1,585,774,666 Amortising Zero-Coupon
Convertible Notes due 2030 (the “Notes”)
Optional Cash Redemption Notice
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.
Capitalised 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 7 March 2016. The Issuer is providing the following information pursuant to Condition 6.3(B) in connection with such redemption:
(i) The Currency Conversion Date is 1 March 2016.
(ii) The estimated Euro Equivalent Redemption Funds to be distributed is EUR 121,500,000.
The breakdown by currency of the amounts included in the calculation of such estimate are as follows:
(iii) The Euro Equivalent Redemption Funds will derive from realisations of the following assets (received on Q3 2015, Q4 2015 and January 2016):
Loans to customers:
EUR 2,958,000, DKK 18,500,000, NOK 44,771,000, USD 1,713,000 and GBP 429,000 of the EERF
Shares and equity:
EUR 22,501,000 and GBP 6,303,000 EERF
Other sources is cash balance (holdback at composition).
The Issuer will provide a further notification on 3 March 2016 (which will be the Optional Cash Redemption Second Notification Date). This will confirm 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 of 7 March 2016 and the other information required under Condition 6.3(C).
Reykjavík, 4 February 2016
On behalf of Glitnir HoldCo ehf.
Ingólfur Hauksson, Chief Executive Officer