Optional Cash Redemption Notice, 1 June 2017
Glitnir Holdco ehf. (the “Issuer”)
EUR 1,585,774,666 (Remaining balance EUR 285,775,290)
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 1 June 2017. The Issuer is providing the following information pursuant to Condition 6.3(B) in connection with such redemption:u
(i) The Currency Conversion Date is 26 May 2017.
(ii) The estimated Euro Equivalent Redemption Funds (EERF) to be distributed is EUR 20,972,098.
The breakdown of the currency of the amounts included in the calculation of such estimate is as follows:
a) EUR 10,244,018
b) USD 5,264,834
c) NOK 38,297,236
d) GBP 1,571,741
(iii) The Euro Equivalent Redemption Funds derive from realizations of the following assets:
a) Restricted cash: EUR 8,187,905, USD 5,264,837, NOK 17,798,158 and GBP 1,571,741. The restricted cash is available due to a settlement agreement between Glitnir and LBI ehf. on a claim that LBI lodged in the winding-up proceedings of Glitnir and has been in dispute.
b) Loans to customers: EUR 1,723,626
c) Equity: NOK 20,499,079
d) Other assets: EUR 332,487
The issuer will provide further information on 30 May 2017 (which will be the Optional Cash Redemption Second Notification Date). That notification will include a confirmation of the final amount of the 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 on 1 June 2017 and other information required under Condition 6.3 (C.)
Reykjavík, 12 May 2017
On behalf of Glitnir HoldCo ehf.
Ingólfur Hauksson, Chief Executive Officer