Glitnir Holdco ehf. (the “Issuer”)
EUR 1,585,774,666 (Remaining balance EUR 330,630,939)
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 9 March 2017. The Issuer is providing the following information pursuant to Condition 6.3(B) in connection with such redemption:
(i) The estimated Euro Equivalent Redemption Funds (EERF) to be distributed is EUR 14,446,450. The EERF derive from realizations of the following assets:
a. Restricted cash: EUR 4,335,000, USD 2,801,800, GBP 1,478,780 and NOK 21,208,100. The restricted cash became available due to a settlement Glitnir has reached regarding two disputed claims that were lodged as priority claims. As part of the restricted cash was in ISK, (ISK 964.7 million) that amount will be paid to the government as a Stability Contribution but the remainder paid to Glitnir´s noteholders.
b. Other assets: USD 1,960,200 and GBP 1,371,970 of the EERF.
(ii) The breakdown of the currency of the amounts included in the calculation of such estimate are as follows:
a. EUR 4,335,000,
b. USD 4,762,000,
c. GBP 2,850,750 and
d. NOK 21,208,100
(iii) The Currency Conversion Date is 3 March 2017.
The Issuer will provide a further notification on 7 March 2017 (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 9 March 2017 and the other information required under Condition 6.3(C).
Reykjavík, 15 February 2017
On behalf of Glitnir HoldCo ehf.
Ingólfur Hauksson, Chief Executive Officer