Optional Cash Redemption 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:
- Agreement was reached with the Central Bank of Iceland for the conversion of ISK 75.4 billion to Euros in accordance with the provisions of the Assignment Agreement.
The rate used for the conversion is based on the Central Bank of Iceland fixing rate (ask) on 18 January 2016 with conventional forward adjustments to reflect interest rate differentials. The Currency Conversion of ISK to EUR has already occurred. - The Euro Equivalent Redemption Funds to be distributed is EUR 528,936,600.
With reference to announcement on Glitnir website on 4 February 2016 the total estimated amount to be paid on 7 March 2016 will therefore increase from EUR 121,500,000 to EUR 650,436,600.
The Issuer will provide a further notification on 3 March 2016 (which is 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, 16 February 2016
On behalf of Glitnir HoldCo ehf.
Ingólfur Hauksson, Chief Executive Officer