Optional Cash Redemption Notice, 22 September 2016
Glitnir Holdco ehf. (the “Issuer”)
EUR 1,585,774,666 Amortising Zero-Coupon (Remaining balance EUR 870,318,019)
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 22 September 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 16 September 2016.
(ii) The estimated Euro Equivalent Redemption Funds (EERF) to be distributed is EUR 7,000,000.
The breakdown by currency of the amounts included in the calculation of such estimate are as follows:
USD 1,150,000 and
(iii) The Euro Equivalent Redemption Funds will derive from realizations of the following assets:
Loans to customers: EUR 476,000, USD 610,000 and NOK 9,300,000 of the EERF Equity: EUR 50,000 of the EERF
Other assets: EUR 106,000 of the EERF
Other sources of the EERF is reduced hold back of assets support fund and operating expenses reserve.
The Issuer will provide a further notification on 20 September 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 22 September 2016 and the other information required under Condition 6.3(C).
Reykjavík, 29 August 2016
On behalf of Glitnir HoldCo ehf.
Ingólfur Hauksson, Chief Executive Officer