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Frederiksborg Ejendomme 2 ApS – Information about the Issuer

27 March 2023

To holders of the up to DKK 90,000,000 (or its equivalent in SEK and EUR) senior secured callable fixed rate SEK and EUR Bonds 2020/2021 with ISIN: SE0014957445 (SEK bonds) and ISIN: SE0014957452 (EUR bonds) (the “Senior Bonds”) issued by Frederiksborg Ejendomme 2 ApS (the “Issuer”) on 2 December 2020, 2 March 2021 and 16 June 2021
To holders of the up to DKK 30,000,000 (or its equivalent in SEK and EUR) second lien bonds with ISIN SE0012816726 and SE0012816734 issued by the Issuer on 2 September 2019 (“Junior Bonds”)

This notice is to inform the bondholders and lenders under the Senior Bonds, the Junior Bond and the Direct Loan, respectively, that a reconstruction proposal has been adopted at a creditors’ meeting held on 20 March 2023 at the Bankruptcy Court in Næstved for the completion of the reconstruction of the Issuer’s 100 per cent owned subsidiary, Gallerierne Hillerød A/S (under rekonstruktion) (the “PropCo”). The reconstruction proposal entails that the PropCo will now complete a sale of the Properties and certain building materials for a cash purchase price of DKK 200 million pursuant to a purchase agreement entered into between the PropCo and KLK Momentum ApS.

The Senior Bondholders will receive proceeds from the sale of the Properties up to the amount of the Owner’s Mortgages, respectively, DKK 70,644,000 and DKK 20,300,000, registered on the Properties and pledged in favour of the Security Agent as agent on behalf of the Senior Bondholders. The proceeds will (after deduction of certain costs and expenses) be paid to the Senior Bondholders and applied in the order of application stipulated by Clause 11.1 (Order of Application) of the Intercreditor Agreement.
The Junior Bondholders and lenders under the Direct Loan will not receive any proceeds from the sale of the Properties and should not expect to receive any distributions from the bankruptcy proceedings of the PropCo.

Hilleröd – Notice of of completion of reconstruction proposal 27 March 2023

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