26 March 2024
The up to SEK 350,000,000 (or its equivalent in NOK and USD) Senior Secured Callable Fixed Rate Bonds with ISIN SE0009696479, NO0010787617 and NO0010787625 and the SEK 75,000,000 (or its equivalent in NOK and USD) Second Lien Secured Callable Fixed Rate Bonds with ISIN SE0009696511, NO0010787633 and NO0010787641 issued by Koggbron Projekt AB (publ) (“Issuer”) (together the “Bonds”)
Reference is made to the above-mentioned Bonds issued by the Issuer and the terms and conditions of the Bonds (as amended and restated from time to time) (the “Terms and Conditions”). All capitalized terms used herein and not otherwise defined in this notice shall have the meanings assigned to them in the Terms and Conditions.
The Trustee hereby gives notice to all Bondholders of the Issuer’s outstanding Bonds of the occurrence of an Event of Default pursuant to Clause 15.1 (Non-payment) of the Terms and Conditions. Pursuant to Clause 15.10(c) (Acceleration of the Bonds), the Trustee shall notify the Bondholders of an Event of Default within five (5) Business Days of the date on which the Trustee received actual knowledge of that an Event of Default has occurred and is continuing.
On 25 March 2024 the Issuer should have redeemed the Bonds in full, but no payments were made, and the Issuer has informed that they intend to initiate a written procedure where they will ask the Bondholders to, among other things, extend the maturity of the Bonds and waive the outstanding Events of Default.
As the Issuer contemplates to initiate a written procedure within the next couple of days the Trustee will await the result from this written procedure before taking any actions. If the procedure is not approved by the Bondholders, the Trustee will seek further instructions from the Bondholders.
For questions in relation to this notice, please contact the Trustee at trustee@intertrustgroup.com.