13 October 2023
To the Bondholders in:
ISIN: SE0016275143 – Oscar Properties Holding AB (publ) (the “Issuer”) up to SEK 800,000,000 Senior Unsecured Floating Rate Bonds 2021/2024 (the “Bonds”)
Reference is made to the Bonds issued by the Issuer on 29 June 2021 and the terms and conditions of the Bonds (as amended and restated from time to time) (the “Terms and Conditions”). All capitalised terms used herein and not otherwise defined in this notice shall have the meanings assigned to them in the Terms and Conditions.
The Agent hereby gives notice to all Bondholders of the Issuer’s outstanding Bonds of the occurrence of an Event of Default pursuant to Clause 13.1 (Non-Payment) of the Terms and Conditions. Pursuant to Clause 13.11(c) (Acceleration of the Bonds), the Agent shall notify the Bondholders of an Event of Default within five (5) Business Days of the date on which the Agent received actual knowledge of that an Event of Default has occurred and is continuing.
On 2 October 2023 a press release was issued by the Issuer (the “Press Release”), whereby the Issuer announced that the Interest due on 5 October 2023 (the “October Interest Payment”) would not be paid. It was further informed through the Press Release that the Issuer intends to initiate a written procedure to amend the Terms and Conditions in order for the October Interest Payment to be paid on the Final Maturity Date. The October Interest Payment has not yet been paid as of the date of this notice, which pursuant to Clause 13.1 (Non-Payment) constitutes a continuing Event of Default.
Through a second press release issued by the Issuer on 4 October 2023, it was informed that the Issuer has entered into an agreement with Bondholders representing more than 70% of the Bonds not to take any enforcement action (a so-called stand-still agreement) and therefore the Agent has decided not to initiate a written procedure regarding acceleration at this time.
The Agent has further been informed that an unofficial bondholder committee comprised of certain Bondholders has been formed.
For questions in relation to this notice, please contact the Agent at trustee@intertrustgroup.com
Yours faithfully,
Intertrust (Sweden) AB, the Agent
The full version of this notice can be found here.