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 Article 21 of the Conditions.
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) of the Conditions in connection with such redemption:
i. Agreement reached with Íslandsbanki: On 31 August 2016 Glitnir announced that it had reached agreement with Íslandsbanki for the redemption of the Tier 2 note and Deposit issued by Íslandsbanki and held by Glitnir.
ii. The Euro Equivalent Redemption Funds to be distributed in relation to the agreement with Íslandsbanki is EUR 369,000,000.
With reference to announcement on Glitnir website on 29 August 2016 the total estimated amount to be paid on 22 September 2016 will therefore increase from EUR 7,000,000 to EUR 376,000,000.
The Issuer will provide a further notification on 20 September 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 22 September 2016 and the other information required under Condition 6.3(C).
Reykjavík, 9 September 2016
On behalf of Glitnir HoldCo ehf.
Ingólfur Hauksson, Chief Executive Officer