11 November 2020
To holders of the up to SEK 650,000,000 bonds due 2023 with ISIN NO0010769276, NO0010769284 and NO0010769292 (the “Bonds”) issued by Hancap AB (publ) (the “Issuer”) on 11 October 2016.
The Issuer has failed to pay the Interest due 28 February 2020, 28 May 2020 and 28 August 2020. The Trustee has been in contact with the representatives of the Issuer who are currently working on an offer to the Bondholders.
The non-payment of the Interest constitutes an Event of Default and the Issuer has not been able to remedy it within five Business Days of the due date. The Trustee shall, within twenty Business Days of the date on which the Trustee received actual knowledge of that an Event of Default has occurred and is continuing, decide if the Bonds shall be accelerated. If the Trustee decides not to accelerate the Bonds, the Trustee shall promptly seek instructions form the bondholders in accordance with clause 16 of the Terms and Conditions (Decisions by Bondholders).
As the Issuer is currently working on an offer to the Bondholders, the Trustee has decided to temporarily not accelerate the bonds. If the Issuer fails to initiate a written procedure within short the Agent may initiate a written procedure where the Bondholders will be requested to decide on how to proceed, either with an enforcement of the relevant security or with bankruptcy proceedings.
Any request from Bondholders representing at least ten (10) per cent of the Adjusted Nominal Amount will be dealt by way of a Written Procedure.
Please see the full notice of event of default.
If you have any questions, please do not hesitate to contact the Trustee.
Intertrust (Sweden) AB
Beatrice Gustafsson
Email: trustee@intertrustgroup.com
Tel: +46 70 141 10 82