17 February 2023
Notice of non-payment of senior secured bonds issued by Oskar Office ApS (publ)
To holders of the up to SEK 22,000,000, NOK 22,000,000 and EUR 1,600,000 senior secured callable fixed rate bonds due 16 February 2023 with SEK BOND – ISIN: SE0010869297, NOK BOND – ISIN: NO001081564.0 and EUR BOND – ISIN: NO001081575.6 (the “Bonds”) issued by Oskar Office ApS (publ) (the “Issuer”) on 16 February 2018.
Intertrust (Norway) AS is the trustee for the Bondholders under the Terms and Conditions.
In accordance with section 11.1.1 the Issuer shall redeem all, but not some only, of the outstanding Bonds in full on the Final Maturity Date with an amount per Bond equal to the Nominal Amount together with accrued but unpaid interests.
As per 16th of February 2023 the Issuer has failed to redeem the Bonds.
The Trustee hereby informs the Bondholders that an Event of Default under Clause 15.1 (a) of the Terms and Conditions has occurred unless the non-payment is (i) caused by a technical or administrative error and (ii) is remedied within five (5) Business Days from the due date.
Pursuant to Clause 15.4 (Acceleration of the Bonds), the Trustee shall within 20 Business Days of actual knowledge of the Event of Default decide whether the Bonds shall be accelerated or not.
As per 16th of February 2023 the Issuer has communicated to the Trustee that funds for the payment have been secured and that only administrative issues are holding back the payment which is expected to be carried out around 21st February.
On the basis that we have been informed by the Issuer that it intends to pay within short and based on our discussions with the Issuer we have decided to not accelerate the Bonds for payment with immediate effect as for now. If the Issuer fails to redeem the Bond within 20 Business Days, we will promptly seek instructions from the Bondholders on how to proceed.
Please note that Bondholders representing at least 10 per cent. of the Adjusted Nominal Amount may request that a Bondholders’ Meeting is convened for the purpose of deciding on a matter relating to the Finance Documents, including instructions to the Trustee to accelerate the Bonds.
The Trustee:
Intertrust (Norway) AS
Andreas W Hennyng
Email: trustee@intertrustgroup.com
Tel: + 47 23 30 83 20