Published to the NASDAQ OMX Copenhagen via Company News Service on 4 June 2009.
Acceleration notice from Senior Lenders
The issuer has in lieu of its subsidiaries obtained senior financing of the
underlying portfolio in the original amount of 2,157,385,000 SEK (the “Senior
Loan”).
Hypo Real Estate Bank AG (“Hypo Real Estate”) is acting as agent on behalf of
the Senior Lenders.
Hypo Real Estate has served an acceleration notice (“Notice”) claiming that the
Senior Loan is in default. The events of default are
(a) the cancellation of an RCF facility of 100 mSEK (used with approximately
37.6 mSEK) and
(b) a calculation showing that the liabilities exceed the total assets
Pursuant to the notice all amounts standing on the bank accounts controlled by
the senior lenders will only be paid out after obtaining consent from the
senior lenders.
The Senior Loan has not been called.
Hypo Real Estate is also serving notice that on the basis of a valuation
obtained by the senior lenders from DTZ the loan to value as per 6 July 2009
will be 86.3 per cent compared to a maximum of 80 per cent according to the
Senior Loan agreement.
Issuer has raised objections to the Notice. Hypo Real Estate has inter alia not
documented their calculation of litre b.
However there is a risk of non-payment of interest on the due date 5 July 2009
due to the restrictions on the accounts.
Issuer will continue the dialogue with Hypo Real Estate and in due time inform
the market if the bond interests will not be paid.
Please address questions relating to this Notice to Company Secretary Klaus T.
W. Lund on telephone +45 3378 4000.
