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Call for the formation of an ad hoc bondholder committee in relation to the bonds issued by Malmö Katrinelund 27 AB (publ)

30 October 2019

To the holders of the up to SEK 155,000,000 (or its equivalent in NOK and EUR) Senior Secured Callable Fixed Rate Bonds due 2020 with ISIN SE0010101782, NO0010808090 and SE0010442269 (the “Bonds”) issued by Malmö Katrinelund 27 AB (publ) (the “Issuer”) on 12 December 2017

On 26 October 2018, the Bondholders through a written procedure, approved the commencement of a controlled liquidation of the properties owned by the Issuer and to temporarily waive Event of Default outstanding due to the non-payment under the Terms and Conditions until 30 March 2019. Due to various reasons, the properties owned by the Issuer has not been sold yet and in the beginning of October 2019 the contemplated buyer Niam informed the Trustee that they do not intend to carry out the acquisition of the properties as intended. The real estate agent, Angermann, is however currently in discussion with another potential buyer that has demonstrated a strong interest in carrying out an acquisition of the properties, which would result in the repayment of the Bonds. However, a binding agreement in this respect is still due to be signed.

Two of the largest Bondholders, Scandinavian Credit Fund AB (“SCF”) and JOOL Gruppen (“JOOL”), totally controlling SEK 51 million have approached the Trustee and requested the Trustee to form an ad hoc bondholders committee (a “BHC”). The intention is that the BHC together with the Trustee shall work to ensure that the Issuer sells the properties so that the Bonds can be repaid as soon as possible. Both SCF and JOOL have communicated their willingness to participate in the BHC and are inviting other Bondholders to participate in the work. Please note that this is not an information sharing group, but a working group.

Any Bondholder that wish to participate in the BHC is encouraged to contact the Trustee by email (please see below) not later than 15 November 2019.

Please find the full notice here 

Intertrust (Sweden) AB as Trustee
Kristofer Nivenius
Telefon: +46 70 688 1910

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