Optional Cash Redemption Notice, 27 October 2016
Glitnir Holdco ehf. (the “Issuer”)
EUR 1,585,774,666 Amortising Zero-Coupon (Remaining balance EUR 494,323,905)
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 27 October 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 21 October 2016.
(ii) The estimated Euro Equivalent Redemption Funds (EERF) to be distributed is EUR 6,000,000.
The breakdown by currency of the amounts included in the calculation of such estimate are as follows:
USD 2,589,000 and
(iii) The Euro Equivalent Redemption Funds will derive from realizations of the following assets:
Loans to customers: GBP 443,000 and NOK 10,434,000 of the EERF
Equity: USD 2,589,000 of the EERF
Other sources of the EERF of EUR 2,050,000 is reduced hold back of assets support fund and operating expenses reserve.
The Issuer will provide a further notification on 25 October 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 27 October 2016 and the other information required under Condition 6.3(C).
Reykjavík, 5 October 2016
On behalf of Glitnir HoldCo ehf.
Ingólfur Hauksson, Chief Executive Officer